NEW YORK, Jan. 13, 2016 /PRNewswire/ -- The proposed
acquisition of Affymetrix, Inc. ("AFFX" or the "Company") by
Thermo Fisher Scientific Inc. ("Themo
Fisher") is being investigated by WeissLaw LLP for possible
breaches of fiduciary duty and other violations of law by the Board
of Directors of AFFX. On January 8,
2016, the Company announced it had reached a definitive
agreement for Thermo Fisher to
acquire all outstanding shares of AFFX in a transaction valued at
approximately $1.3 billion.
Under the terms of the agreement, AFFX shareholders will
receive $14.00 in cash for each AFFX
share they own.
WeissLaw is investigating whether AFFX's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of $15.00 per share, or $1.00 above the offer price. Additionally,
the offer price represent a mere 2% premium over the Company's
52-week high of $13.74.
Finally, the companies further announced that "the transaction is
expected to be immediately accretive to Thermo Fisher's adjusted EPS, adding
$0.10 of accretion in the first full
year of ownership [and] to realize total synergies of approximately
$70 million by year three."
Given these facts, WeissLaw is investigating whether AFFX's
Board acted in the best interests of AFFX's public shareholders by
actively shopping the Company to maximize shareholder value prior
to entering into the agreement with Thermo
Fisher. If you own AFFX shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771
or by email at stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/contact/report_fraud/.
Attorney Advertising. Past results do not guarantee a
similar outcome.
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SOURCE WeissLaw LLP