Management Buyout of Ancestry.com - Law Firm Seeks More Money and Information for Shareholders
NEW YORK, Oct. 22, 2012 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating the acquisition of Ancestry.com (Nasdaq: ACOM). Ancestry.com and Permira, the European private equity firm, announced that a company owned by the Permira funds and co-investors has entered into a definitive merger agreement to acquire Ancestry.com for $32.00 per share in cash in a transaction valued at $1.6 billion. Tim Sullivan, Ancestry.com's President and Chief Executive Officer, and Howard Hochhauser, Ancestry.com's Chief Financial Officer and Chief Operating Officer, will maintain a majority of their equity stakes in the company as part of the transaction. Spectrum Equity will also remain an investor in the company. Affiliates of Spectrum Equity, which together own approximately 30% of the company's outstanding shares, have agreed to vote their shares in favor of the merger.
The investigation concerns whether Messrs. Sullivan and Hochhauser and the board of directors of Ancestry.com breached their fiduciary duties in allowing them to acquire the company for themselves for an unfairly low price and through an unfair process. Indeed, analysts have projected the company's true inherent value is worth at least $45 per share.
If you are a shareholder of Ancestry.com and would like additional information concerning this matter and your rights as a shareholder, please contact us toll free at 877-772-3975 or email at firstname.lastname@example.org
Tripp Levy PLLC is a leading national law firm and has recovered millions of dollars for shareholders in similar actions around the globe. Attorney advertising – prior results do not guarantee a similar outcome.
SOURCE Tripp Levy PLLC