Robbins Umeda LLP Announces an Investigation of Immucor, Inc.
Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of Immucor, Inc. (NASDAQ: BLUD). The firm has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of Immucor in connection with their efforts to sell the company to funds managed by TPG Capital.
On July 5, 2011, Immucor announced it had entered into a definitive merger agreement under which TPG Capital will acquire all outstanding shares of the company via an all cash tender offer. Under the terms of the agreement, no later than July 15, 2011, IVD Acquisition Corporation, an affiliate of TPG Capital, is expected to commence a tender offer to acquire all outstanding shares of Immucor for $27.00 per share. The transaction is expected to close in the second half of 2011.
The investigation focuses on whether Immucor’s board is undertaking a fair process to obtain maximum value and adequately compensate its shareholders in light of the company’s recent positive financial results. On April 6, 2011, Immucor reported strong third-quarter earnings that greatly exceeded analyst expectations. The company reported a diluted EPS of $0.32 and $83.30 million in revenue for the quarter. These results beat analyst estimates of an EPS of $0.26 and revenue of $79.77 million for the same period. Taken together, Immucor’s revenue figures for the quarter represented a 4% increase from the prior year quarter.
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