Gen-Probe Shareholder Aims To Block $3.7B Hologic Deal

Law360, Wilmington (May 4, 2012, 3:29 PM EDT) -- A Gen-Probe Inc. shareholder launched a class action in Delaware court on Friday challenging Hologic Inc.'s planned $3.7 billion buyout of the diagnostic-testing company, calling the offer opportunistic and inadequate.

In a Delaware Chancery Court complaint, shareholder Timothy Coyne alleged that Gen-Probe’s directors breached their duty to investors by signing off on the $82.75-per-share deal. He said the buyout comes during a lull in the San Diego-based company’s stock price that does not reflect its recent success and potential for growth.

In fact, the deal was...
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