Ebix Inc. (EBIX) Investor Lawsuit Against Takeover by Goldman Sachs Announced
by Shareholders Foundation
SAN DIEGO, May 8, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc.
announces that an investor who holds Ebix Inc. (EBIX) shares filed a lawsuit
to stop the proposed takeover of Ebix Inc. by an affiliate of Goldman, Sachs &
Co. for $20.00 per EBIX share.
Investors who purchased shares of Ebix Inc. (EBIX) prior to May 1, 2013 and
currently hold any of those EBIX shares, have certain options and should
contact the Shareholders Foundation, Inc. at email@example.com
or call +1 (858) 779-1554.
On May 1, 2013, Ebix, Inc. announced that it has entered into a merger
agreement to be acquired by an affiliate of Goldman, Sachs& Co. Under the
terms of the agreement, Ebix shareholders will receive $20.00 per share in
However, the plaintiff alleges that the defendants breached their fiduciary
duties owed to EBIX stockholders by agreeing to sell the company too cheaply
via an unfair process to Goldman Sachs.
Indeed, shares of Ebix Inc. traded as high as $24.62 per share as recently as
September 2012 and at least one analyst has set the high target price at
$24.00 per share. In addition, Ebix's financial performance improved recently.
For instance, Ebix reported that its annual Total Revenue rose from $97.69
million in 2009 to $199.37 million in 2012 and that its respective Net Income
increased from $38.82 million to $70.57 million.
In addition, the plaintiff claims the defendants agreed to preclusive deal
protection devices such as a $27 million termination fee provision.
Those who currently are investors in Ebix Inc. (EBIX) shares and purchased a
substantial amount of EBIX shares before the announcement have certain options
and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring
and settlement claim filing service, which does research related to
shareholder issues and informs investors of securities class actions,
settlements, judgments, and other legal related news to the stock/financial
market. The Shareholders Foundation, Inc. is not a law firm. The information
is provided as a public service. It is not intended as legal advice and should
not be relied upon.
CONTACT: Shareholders Foundation, Inc.
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
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