Robbins Arroyo LLP: Acquisition of Imprivata, Inc. (IMPR) by Thoma Bravo LLC May Not Be in Shareholders' Best Interests
July 13 2016 - 2:01PM
Business Wire
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Imprivata, Inc. (NYSE:
IMPR) by Thoma Bravo LLC. On July 13, 2016, the two companies
announced the signing of a definitive merger agreement pursuant to
which Thoma Bravo will acquire Imprivata. Under the terms of the
agreement, Imprivata shareholders will receive $19.25 in cash for
each share of Imprivata common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/imprivata-inc-july-2016
Is the Proposed Acquisition Best for Imprivata and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Imprivata is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders.
As an initial matter, the $19.25 merger consideration is below
the target price of $20.00 set by an analyst at Stifel on October
14, 2015. In the last three years, Imprivata traded as high as
$21.63 on August 19, 2015, and most recently traded above the
merger consideration – at $19.70 – on September 25, 2015.
On May 3, 2016, Imprivata reported strong earnings results for
its first quarter 2016. Imprivata reported revenue of $31.5 million
for the three months ended March 31, 2016, a 23% increase from the
same period of the prior year. Additionally, Imprivata has beaten
analyst estimates for adjusted earnings per share, revenue, and
adjusted net income for the past four quarters. In commenting on
these results, Imprivata President and Chief Executive Officer Omar
Hussain remarked, "Our first quarter was a great first step towards
achieving our growth and profitability goals for 2016…Our core
business is strong, we are seeing substantial cross-selling
opportunities, and Imprivata is increasingly viewed as a strategic
partner in a time when cybersecurity is a major concern for the
healthcare industry."
In light of these facts, Robbins Arroyo LLP is examining
Imprivata's board of directors' decision to sell the company now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects.
Imprivata shareholders have the option to file a class action
lawsuit to ensure the board of directors obtains the best possible
price for shareholders and the disclosure of material information.
Imprivata shareholders interested in information about their rights
and potential remedies can contact attorney Darnell R. Donahue at
(800) 350-6003, ddonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law 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.
Attorney Advertising. Past results do not guarantee a similar
outcome.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160713006403/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003ddonahue@robbinsarroyo.comwww.robbinsarroyo.com
IMPRIVATA INC (NYSE:IMPR)
Historical Stock Chart
From Jun 2024 to Jul 2024
IMPRIVATA INC (NYSE:IMPR)
Historical Stock Chart
From Jul 2023 to Jul 2024