January 29, 2016 (Shareholders Foundation) - An investor who currently holds shares of Affymetrix, Inc. (NASDAQ:AFFX), filed a lawsuit in effort to halt the proposed takeover of Affymetrix, Inc. by Thermo Fisher Scientific Inc for $14.00 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:AFFX stockholders by agreeing to sell Affymetrix, Inc. too cheaply via an unfair process to Thermo Fisher Scientific.

On January 8, 2016, Thermo Fisher Scientific Inc. and Affymetrix, Inc. (NASDAQ:AFFX), announced that their boards of directors have approved Thermo Fisher’s acquisition of Affymetrix for $14.00 per share in cash.

However, plaintiff claims that the proposed consideration NASDAQ:AFFX shareholders will receive is grossly inadequate and undervalues Affymetrix, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:AFFX at $15.00 per share. Furthermore, Affymetrix, Inc. reported that its annual Total Revenue rose from $330.40 million in 2013 to $349.02 million in 2014 and that its net Loss declined from $16.33 million in 2013 to $3.83 million in 2014. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:AFFX stockholders.

Shares of Affymetrix, Inc. (NASDAQ:AFFX) closed on January 29, 2016 at $14.03 per share.