WeissLaw LLP: The Proposed Acquisition of Affymetrix, Inc. May Not Be In The Interests of AFFX Shareholders

Jan 13, 2016, 14:35 ET from WeissLaw LLP

NEW YORK, Jan. 13, 2016 /PRNewswire/ -- The proposed acquisition of Affymetrix, Inc. ("AFFX" or the "Company") by Thermo Fisher Scientific Inc. ("Themo Fisher") is being investigated by WeissLaw LLP for possible breaches of fiduciary duty and other violations of law by the Board of Directors of AFFX.  On January 8, 2016, the Company announced it had reached a definitive agreement for Thermo Fisher to acquire all outstanding shares of AFFX in a transaction valued at approximately $1.3 billion.  Under the terms of the agreement, AFFX shareholders will receive $14.00 in cash for each AFFX share they own. 

WeissLaw is investigating whether AFFX's Board acted to maximize shareholder value prior to entering into the agreement.  Notably, at least one analyst set a target price of $15.00 per share, or $1.00 above the offer price.  Additionally, the offer price represent a mere 2% premium over the Company's 52-week high of $13.74.  Finally, the companies further announced that "the transaction is expected to be immediately accretive to Thermo Fisher's adjusted EPS, adding $0.10 of accretion in the first full year of ownership [and] to realize total synergies of approximately $70 million by year three."

Given these facts, WeissLaw is investigating whether AFFX's Board acted in the best interests of AFFX's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with Thermo Fisher.  If you own AFFX shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at stockinfo@weisslawllp.com.

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties.  We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.  If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.

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