Management Buyout Of EBIX - Law Firm Seeks Higher Price For Shareholders

NEW YORK, May 1, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights firm, announces that it has been retained to represent shareholders of EBIX Inc. (NASDAQ: EBIX).  Ebix announced that it has entered into a definitive merger agreement to be acquired by an affiliate of Goldman, Sachs & Co. ("Goldman Sachs") in a transaction valued at approximately $820 million, including the assumption of any outstanding debt.  Under the terms of the agreement, Ebix shareholders will receive $20.00 per share in cash.

Robin Raina, who is the Chairman, CEO and President of Ebix, and the Rennes Fondation, which together own approximately 19% of the outstanding common shares, have entered into separate voting agreements under which they have agreed to vote their respective shares in favor of the proposed transaction. Robin Raina and the Rennes Fondation will continue to be meaningful equity investors in Ebix.

The investigation concerns whether Robin Raina and the other members of the board of directors of Ebix have breached their fiduciary duties by not engaging in a full and fair auction of the company to allow shareholders to obtain maximum value for their shares.  Further, the participation of Raina in the buyout presents an inherent conflict of interest as Raina is seeking to acquire the remaining shares of Ebix for himself at the lowest price possible.  Indeed, analysts have projected that the true inherent going forward value of Ebix is worth at least $24 per share and the valuation being offered for the company is below that of comparable recent transactions in the industry.

If you are a shareholder of EBIX and would like further information regarding this matter and how it affects your rights as a shareholder, at no cost or obligation, please contact us toll free at 1-877-772-3975 or email at contact@tripplevy.com

Tripp Levy PLLC is a national law firm that has recovered millions of dollars for shareholders in similar actions around the globe.

Tripp Levy PLLC
New York, New York
1-877-772-3975
contact@tripplevy.com

SOURCE Tripp Levy PLLC



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