BioClinica Investor Wants $123M PE Takeover Put On Ice

Law360, Wilmington (February 4, 2013, 10:17 PM EST) -- A BioClinica Inc. investor launched a putative class action Friday aimed at halting its acquisition by private equity firm JLL Partners Inc., claiming the announced $123 million buyout undervalues the promising provider of clinical trial management solutions.

Filed in Delaware Chancery Court by shareholder James Gerson, the complaint alleges Bioclinica's nine-person board breached its fiduciary duty by signing off on an inadequate deal whose terms effectively deter prospective buyers from bettering the $7.25-per-share offer.

“The timing of the proposed transaction has been engineered to cap the...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.