Key Developments: Ebix Inc (EBIX.O)
19.72USD
19 Jun 2013
$0.00 (+0.00%)
$19.72
$19.70
$19.76
$19.70
244,441
609,040
$24.90
$12.08
Latest Key Developments (Source: Significant Developments)
Ebix Inc Board of Directors Under Investigation By Glancy Binkow & Goldberg LLP For Potential Breaches Of Fiduciary Duty
Glancy Binkow & Goldberg LLP announced that it is investigating potential claims against the Board of Directors ofEbix Inc related to the proposed acquisition of the Company by an affiliate of Goldman, Sachs & Co. The transaction is valued at approximately $820 million or $20 per share. This investigation concerns whether the Board of Directors of Ebix breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the proposed transaction, and whether the Company has disclosed all material information to shareholders about the transaction. Full Article
Kahn Swick & Foti, LLC Announces Investigation Of Ebix Inc
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (KSF) announced that KSF has commenced an investigation into the Board of Directors of Ebix Inc in connection with their conduct related to the sale of the Company to an affiliate of Goldman, Sachs & Co. Under the terms of the proposed transaction, shareholders of Ebix will receive $20 in cash for each share of Ebix common stock that they own. KSF's investigation is focusing on whether Ebix and/or its officers and directors secured sufficient value for the shareholders of the Company, violated their fiduciary duties, and/or violated state or federal securities laws. Full Article
Harwood Feffer LLP Announces Investigation of Ebix Inc
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
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
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
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
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
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
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
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
Deals of the day -- mergers and acquisitions
May 2 - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday:
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
