Key Developments: Ebix Inc (EBIX.OQ)

EBIX.OQ on NASDAQ Stock Exchange Global Select Market

12.73USD
21 Jul 2014
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Latest Key Developments (Source: Significant Developments)

Harwood Feffer LLP Announces Investigation of Ebix Inc
Wednesday, 1 May 2013 07:15pm EDT 

Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of Ebix Inc, the proposed acquisition of the Company by an affiliate of Goldman Sachs & Co. in a transaction valued at approximately $743 million. The investigation concerns whether the Ebix board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders.  Full Article

Law Office of Brodsky & Smith LLC Announces Investigation of Ebix Inc
Wednesday, 1 May 2013 06:36pm EDT 

Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Ebix Inc relating to the proposed acquisition Goldman, Sachs & Co. Under the terms of the transaction, Ebix shareholders will receive only $20.00 in cash for each share of Ebix stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Ebix for not acting in the Company's shareholders' best interests in connection with the sale process. The transaction may undervalue Ebix and will result in loss for many long term Ebix shareholders.  Full Article

Komlossy Law, P.A. Announces Investigation Of Ebix Inc
Wednesday, 1 May 2013 02:20pm EDT 

Komlossy Law, P.A. announced that it is investigating the Board of Directors (Board) of Ebix Inc. (Ebix or the Company) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to complete a sale of the Company to an affiliate of Goldman, Sachs & Co. in a transaction valued at approximately $820 million. Pursuant to the terms of the proposed transaction, Ebix shareholders are to receive $20.00 in cash for each share. The acquisition price purports to represent a premium of only 7.2% over the closing price of Ebix stock on April 30, 2013, the day before the announcement of the proposed acquisition. The investigation involves whether the Board breached their fiduciary duties to stockholders by favoring the interests of certain officers and directors of the Company in the proposed acquisition, and whether the transaction is fair to shareholders with respect to price, process and disclosure of all material information. The Company's Chairman, CEO and President, Robin Raina, and the Rennes Foundation, which together own approximately 19% of the Company's stock, have entered into separate agreements to vote their shares in favor of the proposed acquisition.  Full Article

Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of Ebix Inc In Connection With Sale Of The Company To A Goldman, Sachs & Co. Affiliate
Wednesday, 1 May 2013 01:07pm EDT 

Levi & Korsinsky announced that it is investigating the Board of Directors of Ebix Inc for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to a Goldman, Sachs & Co affiliate.  Full Article

Bernstein Liebhard LLP Announces Investigation On Ebix Inc
Wednesday, 1 May 2013 12:29pm EDT 

Bernstein Liebhard LLP announced that it is investigating whether the Board of Directors of Ebix Inc breached its fiduciary duty to its shareholders in agreeing to sell Ebix to an affiliate of Goldman, Sachs & Co.  Full Article

The Law Firm of Wohl & Fruchter Commences Investigation Into Acquisition Of Ebix Inc By Goldman Sachs & Co
Wednesday, 1 May 2013 10:48am EDT 

The law firm of Wohl & Fruchter LLP announced that it is investigating the proposed acquisition of Ebix, Inc. (Ebix) by an affiliate of Goldman Sachs & Co. (Goldman Sachs). On May 1, 2013, Ebix announced that, acting on the recommendation of a special committee, it had agreed to be acquired by an affiliate of Goldman Sachs for $20/share in cash. The acquisition price is a premium of less than 8% over the closing price of EBIX stock on April 30, 2013.  Full Article

Briscoe Law Firm and Powers Taylor, LLP Investigate Ebix Inc Sale to Goldman Sachs Affiliate
Wednesday, 1 May 2013 10:15am EDT 

Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP announced that they are investigating the sale of Ebix Inc (Ebix) to an affiliate of Goldman, Sachs & Co. for shareholders. Under the terms of the proposed sale valued at approximately $820 million (including the assumption of debt), Ebix shareholders will only receive $20 for each share of Ebix stock owned, well below at least one analyst`s estimate of $24.00 per share. The Ebix sale investigation centers on whether Ebix`s shareholders are receiving adequate compensation for their shares in the proposed deal, whether the transaction undervalues Ebix`s stock, and whether Ebix`s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Notably, at least one analyst with Yahoo! Finance has estimated that the true inherent value of Ebix stock could be as high as $24.00 per share. Moreover, Ebix`s 52-week high is $24.90, well above the proposed sale price.  Full Article

Ebix Inc Enters Into Merger Agreement To Be Acquired By An Affiliate Of Goldman Sachs For $20 Per Share In Cash
Wednesday, 1 May 2013 09:30am EDT 

Ebix Inc announced that it has entered into a definitive merger agreement to be acquired by an affiliate of Goldman, Sachs & Co. ("Goldman Sachs") in a transaction valued at approximately $820 million, including the assumption of any outstanding debt. Under the terms of the agreement, Ebix shareholders will receive $20.00 per share in cash. This represents a premium of approximately 18% over Ebix's average daily closing price over the preceding 30 days. Morgan Stanley & Co. LLC acted as financial advisor to the special committee of the board of Ebix and has provided a fairness opinion in connection with the transaction. Alston & Bird LLP and Richards, Layton & Finger, P.A. acted as legal advisors to the special committee. Goldman, Sachs & Co. and Credit Suisse AG acted as financial advisors to Goldman Sachs and have provided debt financing commitments for the transaction. Davis Polk & Wardwell LLP acted as legal advisor to Goldman Sachs.  Full Article

Ebix Inc Issues H1 2013 EBITDA Guidance Above Analysts' Estimates
Thursday, 14 Mar 2013 07:30am EDT 

Ebix Inc announced that for first half of 2013, it expects EBITDA of $25 million. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $24 million for first quarter of 2013 and EBITDA of $25 million for second quarter of 2013.  Full Article

Glancy Binkow & Goldberg LLP Announces Investigation of Ebix Inc
Monday, 25 Feb 2013 05:45pm EST 

Glancy Binkow & Goldberg LLP announced that it is investigating potential claims on behalf of purchasers of the securities of Ebix Inc concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Ebix regarding the Company`s operations and financial performance were false and misleading. Ebix provides on-demand software and e-commerce solutions to the insurance industry. The investigation is related to a report authored by Gotham City Research LLC and published February 21, 2013 on the Seeking Alpha website, alleging that the Company has never disclosed a $65.8 million loan between its Singapore subsidiary and an undisclosed related party. The report further alleges that the loan appeared in a disclosure form filed by Ebix`s Singapore subsidiary but has not been disclosed in any of the Company`s 10-K filings in the United States.  Full Article

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