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...
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