Ancestry.com Hit With Shareholder Suit Over $1.6B Buyout

Law360, New York (October 26, 2012, 6:26 PM EDT) -- An Ancestry.com Inc. shareholder filed a putative class action against the company and its board in Delaware on Thursday, claiming they breached fiduciary duties when they “locked up” an allegedly inadequate $1.6 billion cash takeover offer from Permira Advisers LLC with tight protections.

The deal, announced Oct. 22, included a strict no-solicitation clause, a $37.8 million termination fee and a provision giving the buyer — Permira affiliate Global Generations International Inc. — four days to match any competing deal.

Shareholder John Heck claims these “onerous and...
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