MANAGEMENT BUYOUT OF ANCESTRY - LAW FIRM SEEKS MORE MONEY FOR SHAREHOLDERS
MANAGEMENT BUYOUT OF ANCESTRY – LAW FIRM SEEKS MORE MONEY AND INFORMATION FOR SHAREHOLDERS
October 22, 2012
New York, New York -- New York, New York -- Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating the acquisition of Ancestry (Nasdaq: ACOM). Ancestry 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 for $32.00 per share in cash in a transaction valued at $1.6 billion. Tim Sullivan, Ancestry's President and Chief Executive Officer, and Howard Hochhauser, Ancestrys 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 Mssgrs. Sullivan and Hochhauser and the board of directors of Ancestry 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 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 contact @ tripplevy
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.