Harwood Feffer LLP Announces Investigation of Ancestry.com, Inc.
NEW YORK, Oct. 22, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Ancestry.com, Inc. ("Ancestry.com" or the "Company") (NASDAQ: ACOM) concerning the proposed acquisition of the Company by the private equity firm Permira Advisers LLP ("Permira") in a transaction valued at approximately $1.6 billion.
On October 22, 2012, Ancestry.com announced that it had entered into an agreement for Permira to acquire the Company for $32 per share in cash, only a 9.66% premium over the closing price of the Company's stock on Friday, October 19, 2012, the last trading day prior to the announcement.
According to the Company's press release, the agreement provides that Ancestry.com's largest shareholder, Spectrum Equity Investors V, L.P., which currently owns approximately 30% of Ancestry.com's outstanding shares, and CEO Tim Sullivan and CFO Howard Hochhauser , will all retain equity ownership stakes in Ancestry.com, post-acquisition. On July 25, 2012, Ancestry.com had announced second-quarter sales and profit that topped analysts' estimates, and Ancestry.com's own expectations and prior guidance, helped by strong subscriber growth, increased subscriber lifetime value, and demand for new products.
The investigation concerns whether Ancestry.com's board of directors breached their fiduciary duties by failing to adequately solicit competing bidders and obtaining the best possible value for Ancestry.com's shareholders before entering into an agreement with Permira. According to at least one analyst, Ancestry.com stock has a price target of $37.00 per share.
If you own Ancestry.com shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Peter W. Overs, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
Attorney Advertising© 2012 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
SOURCE Harwood Feffer LLP
More by this Source
Harwood Feffer LLP Announces Investigation of Overhill Farms, Inc.
May 15, 2013, 21:20 ET
Harwood Feffer LLP Announces Investigation of AsiaInfo-Linkage, Inc.
May 15, 2013, 21:15 ET
Harwood Feffer LLP Announces Investigation of True Religion Apparel, Inc.
May 10, 2013, 21:45 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.