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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.