Robbins Umeda LLP Announces an Investigation of X-Rite, Incorporated
April 10 2012 - 4:38PM
Business Wire
Shareholder rights firm Robbins Umeda LLP has commenced an
investigation into possible breaches of fiduciary duty and other
violations of the law by members of the board of directors of
X-Rite, Incorporated (NASDAQ: XRIT) in connection with their
efforts to sell the company to Danaher Corporation (NYSE: DHR).
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Gregory E. Del
Gaizo at (800) 350-6003, info@robbinsumeda.com, or via the
shareholder information form on the firm's website.
On April 10, 2012, X-Rite announced that it had entered into a
definitive merger agreement to be acquired by Danaher. According to
the terms of the deal, Danaher will acquire all outstanding shares
of the company through an all-cash transaction. Pursuant to the
agreement, X-Rite shareholders will receive $5.55 for each share of
the company they own. The deal is structured as a tender offer that
is expected to commence within 5 business days. The transaction is
expected to close during the second quarter of 2012.
Robbins Umeda LLP's investigation focuses on whether X-Rite's
board is undertaking a fair process to obtain maximum value and
adequately compensate shareholders in light of the company's recent
financial results. Specifically, on March 13, 2012, X-Rite reported
financial results for the fourth quarter of fiscal year 2011 that
exceeded analyst expectations. The company reported diluted EPS of
$0.51 compared to analyst estimates of only $0.08. Additionally,
X-Rite reported that net income for the quarter increased to $44.9
million compared to only $40.9 million during the same quarter of
the previous year.
In addition, the firm is investigating whether self-dealing and
other employment guarantees played a part in the decision by
X-Rite's Board to enter into the agreement with Danaher. According
to the terms of the deal, several members of X-Rite's current
management team will continue to hold key senior leadership
positions in the surviving corporation.
Robbins Umeda attorneys highlight that X-Rite shareholders have
the option to file a class action lawsuit against the company to
secure the best possible price for the company's shareholders and
the disclosure of material information to shareholders so they can
vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/x-rite-incorporated/
Attorney Advertising. Past results do not guarantee a similar
outcome.
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