AMICAS Inc. (NasdaqGM: AMCS) shareholders are investigating an allegedly unfair takeover by Thomas Bravo LLC which undervalues AMICAS.
On December 28, 2009, AMICAS, Inc. (“AMICAS” or the “Company”) and its board of directors publicly announced they agreed to sell AMICAS to Thomas Bravo LLC. According to the transaction’s terms, AMICAS shareholders will receive $5.35 in cash for each common share of AMICAS stock they own. The AMICAS takeover transaction is valued at $217 million.
AMICAS shareholders claim this offer is insufficient. AMICAS shareholders complain the transaction is below a $6.00 per share price target set by analysts. In the third quarter of 2009, AMICAS reported gross profit of $13 million and net income of $1.6 million, wheareas in the prior quarter AMICAS reported gross profit and a net loss of $10 million and $6.5 million.
Shareholders are investigating whether the AMICAS board of directors breached their fiduciary duties to AMICAS stockholders by failing to solicit alternative or superior proposals for AMICAS before entering into the Thomas Bravo transaction. Shareholders also are investigating whether Thomas Bravo is paying too little to acquire AMICAS. The AMICAS transaction provides only a minimal premium over AMICAS’s share price before the December 28, 2009 Thomas Bravo transaction was announced.
If you have questions about this lawsuit, want to discuss your legal rights or you wish to join this class action, please call 1-619-573-1700 for a free consultation.