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Gen-Probe Incorporated (NASDAQ:GPRO) Investor Files Lawsuit Against Directors Of Gen-ProBe In Effort to Block Takeover by Hologic

  • If you purchased shares of Gen-Probe Incorporated (NASDAQ:GPRO) prior to April 30, 2012 and currently hold any of those NASDAQ:GPRO shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Gen-Probe Incorporated
Security
NASDAQ: GPRO

Case Name
Gen-Probe Deal Case 05/07/2012
Type of Lawsuit
Mergers and Acquisition
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Summary

May 08, 2012 (Shareholders Foundation) -- An investor in NASDAQ: GPRO shares filed a lawsuit against directors in effort to block the proposed acquisition of Gen-Probe Incorporated by Hologic, Inc at $82.75 per share.
The plaintiff alleges that defendants breached their firducayr duties owed to NASDAQ:GPRO stockholders arising out of the attempt to sell Gen-Probe Incorporated at an unfair price via and unfair process.

On April 30, 2012, Hologic, Inc.and Gen-Probe Incorporated announced that their Boards of Directors have approved an agreement under which Hologic will acquire all of the outstanding shares of Gen-Probe for $82.75 per share in cash, or a total enterprise value of approximately $3.7 billion.

However the plaintiff claims that the $82.75offer is unfair to NASDAQ:GPRO stockholders since it does not reflect its recent success and potential for future growth. In fact, NASDAQ:GPRO shares traded as high as $86.66 per share on May 18, 2011 and Gen-Probe’s financial performance increased in recent years. Gen-Probe’s annual Revenue rose from $472.69 in 2008 to $576.23million in 2011.