Immucor, Inc. Takeover under Investor Investigation
The announcement by Immucor that it agreed to be acquired by TPG Capital prompted an investigation on behalf of investors of Immucor, Inc. (NASDAQ: BLUD) concerning whether the offer to take over Immucor, Inc. and the sale process are unfair to investors of Immucor (BLUD) and whether certain of its officers and directors or others breached their fiduciary duties owed investors in Immucor (NASDAQ:BLUD) shares.
The investigation by a law firm concerns whether the Immucor Inc, certain of its officers and directors, and/or others breached their fiduciary duties owed to Immucor, Inc. (NASDAQ: BLUD) investors in connection with the proposed takeover.
On Tuesday, July 5, 2011, Immucor, Inc. (Nasdaq:BLUD) announced that it has entered into an agreement to be acquired by investment funds managed by TPG Capital in a transaction with a fully diluted equity value of $1.973 billion. Under the terms of the proposed transaction, Immucor Inc shareholders will receive $27.00 in cash for each BLUD share of Immucor common stock they own.
Immucor, Inc said the offer represents a premium of approximately 30.2 percent over the closing share price on July 1, 2011, the last full trading day before today's announcement, and a premium of approximately 35.6 percent to Immucor's average closing price over the last month.
Following the takeover announcement shares of Immucor, Inc. (Public, NASDAQ:BLUD) jumped from slightly above $20 on Friday to $26.99 on Tuesday, July 5, 2011.
However, Immucor has performed well in the past for its investors. Immucor’s 12months Total Revenue rose over the past four filing periods from $22.368million to $329.07million. Its Net Income increased over the same time frame from $60.07million to $82.58million.
Additionally at least one analyst has set a high price target for Immucor, Inc. (Public, NASDAQ:BLUD) stock at $28 per share. Historic shares prices of Immucor, Inc. have been above the current offer. During 2009 BLUD stock traded as high as $28.34 per share, during 08 as high as $32.57, and during 2007 even as high as high$38.80 per share.
The investigation concerns whether the Immucor Board of Directors undertook an adequate and in particular breached their fiduciary duties to the Immucor, Inc. (NASDAQ: BLUD) shareholder by failing to adequately shop the Company before entering into the transaction. The investigation concerns also whether TPG Capital would underpay for NASDAQ:BLUD shares, thus unlawfully harming BLUD stockholders. A potential securities class action lawsuit would seek to maximize the amount of money and information NASDAQ: BLUD shareholders would receive in a buyout, so the law firm.