Accelrys, Inc. (NASDAQ:ACCL) Investor Files Lawsuit In Effort To Halt Takeover At $12.50 Per Share

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Company Name(s): 
Accelrys
Case Name: 
Accelrys Deal Case 02/10/2014
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: ACCL
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Date Filed: 
02/10/2014
Summary: 

February 12, 2014 (Shareholders Foundation) - An investor who currently holds shares of Accelrys, Inc. (NASDAQ:ACCL) filed a lawsuit in effort to halt the proposed takeover of Accelrys, Inc. by Dassault Systèmes for $12.50 per share.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:ACCL stockholders arising out of the attempt to sell Accelrys, Inc. too cheaply via an unfair process to

On January 30th, 2014, Dassault Systèmes (Euronext Paris: #13065, DSY.PA) and Accelrys, Inc. (NASDAQ:ACCL) announced the signing of a merger agreement for Dassault Systèmes to acquire Accelrys, Inc. Under the terms and conditions of the merger agreement, Dassault Systèmes will make an all cash tender offer for all of the outstanding shares of Accelrys, Inc. (NASDAQ:ACCL) common stock at a price of $12.50 per share, without interest, representing a fully diluted equity value for Accelrys of approximately $750 million.

However, the plaintiff alleges that the $12.50-offer is too low and undervalues Accelrys, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:ACCL shares at $13.00 per share. Furthermore, shares of Accelrys, Inc. grew to as high as $12.57 per share in the open market after the takeover news.

Accelrys, Inc. reported that its Total Revenue rose from $82.96 million for the 12 months period that ended on March 31, 2010 to $162.53 million for the 12 months period that ended on December 31, 2012.

Shares of Accelrys, Inc. (NASDAQ:ACCL) grew from $3.24 per share March 2009 to $10.57 per share on January 22, 2014.

On February 12, 2014, NASDAQ:ACCL shares closed at $12.48 per share.