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Suit targeting Permira’s $1.6bn buyout dismissed

30 Sep 2013

courthouse_lrgA lawsuit filed by investors who disagreed with the financial terms of the buyout of 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’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.

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