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Ebix Inc and Affiliate of Goldman Sachs Agree to Terminate Merger Agreement


Wednesday, 19 Jun 2013 07:25pm EDT 

Ebix Inc announced that it and an affiliate of Goldman, Sachs & Co. ("Goldman Sachs") have agreed to terminate their previously announced merger agreement. The merger agreement, announced on May 1, 2013, had provided for Ebix to be acquired by an affiliate of Goldman Sachs. The decision to terminate the merger agreement was the result of a letter received by the Company on June 14, 2013 from the U.S. Attorney for the Northern District of Georgia that it had opened an investigation into allegations of intentional misconduct that had been brought to its attention from the pending shareholder class action lawsuits against the Company's directors and officers, the media and other sources. The pending shareholder class action lawsuits and an SEC investigation involving the same subject matters as these lawsuits were previously disclosed by the Company in its periodic reports filed with the SEC. The Company has been informed by the office of the U.S. Attorney that their investigation is in its preliminary stages and that it is too early to make a determination of whether any violation of the securities laws or other laws has occurred, or whether any individual or entity could be considered a target, subject or witness in the investigation. The merger agreement is being terminated without payment of a termination fee by either party and each party and certain significant shareholders of the Company. 

Company Quote

13.98
-0.01 -0.07%
12 Aug 2014