NEWS & VIEWS

Global private equity and venture capital news and research

Suit targeting Permira’s $1.6bn Ancestry.com buyout dismissed

30 Sep 2013

courthouse_lrgA lawsuit filed by investors who disagreed with the financial terms of the buyout of Ancestry.com y private equity firm Permira has been dismissed.

The investors including Michigan-based pension fund claimed the business was unfairly priced in the $32 per share acquisition, which valued the company at $1.6bn.

Judge Leo Strine has granted Ancestry.com’s motion to dismiss the case, said Bloomberg, citing court filings.

The company argued that it “explored every opportunity” to get the highest value and was not acting in bad faith, according to the report.

The takeove rprice represented a premium of 41 per cent on the company’s closing price on June 5, the last trading day before press reports surfaced that Ancestry was looking to sell.

About 75 per cent of the website’s shareholders cast votes over the deal with 99 per cent of those backing the $32-a-share deal.

Copyright © 2013 AltAssets

FUNDRAISING & INVESTOR RELATIONS


Legals & Terms of UsePrivacy Policy


AltAssets is registered as a trademark of Investor Networks Limited (06695690).
Registered Office: Zetland House, 5-25 Scrutton St, London EC2A 4HJ
Content is © AltAssets 2000-2014