|By PR Newswire||
|January 7, 2013 07:54 PM EST||
SAN DIEGO and SAN MATEO, Calif., Jan. 7, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the acquisition of Epocrates, Inc. (NASDAQGS: EPOC) by athenahealth, Inc. (NASDAQGS: ATHN). Epocrates develops applications and interactive services on mobile devices to assist healthcare professionals and pharmaceutical companies.
On January 7, 2013, athenahealth announced that it had entered into a definitive merger agreement to acquire Epocrates for $11.75 per share. The transaction has been approved by the board of directors of both companies and is expected to close in the second quarter of 2013.
The Board of Directors' Actions May Prevent Epocrates Shareholders from Receiving the Maximum Value for Their Stock
Robbins Arroyo LLP's investigation focuses on whether the board of directors at Epocrates is undertaking a fair process to obtain maximum value and adequately compensate its shareholders in light of the proposed acquisition. The $11.75 per share offer price is significantly below the $15 target price set by an analyst at Raymond James Financial. Additionally, the company's stock has traded above the offer price on numerous occasions throughout the last year, with an average trading price of $12.13 since its February 2011 IPO.
Further, each of the directors and certain executive officers of Epocrates entered into voting agreements with athenahealth, pursuant to which they have agreed to vote their shares of Epocrates common stock in favor of the merger with athenahealth and against any acquisition proposal that would interfere with the transaction. Given, these facts, the firm is examining the board of directors' decision to sell Epocrates for $11.75 per share is fair to shareholders or in their own interests.
Epocrates shareholders have the option to file a class action lawsuit against the company to secure the best possible price for shareholders and the disclosure of material information so shareholders can vote on the transaction in an informed manner. Epocrates shareholders interested in information about their rights and potential remedies can contact Darnell R. Donahue at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsarroyo.com.
Press release link: http://www.robbinsarroyo.com/shareholders-rights-blog/epocrates-inc/
Attorney Advertising.Past results do not guarantee a similar outcome.
SOURCE Robbins Arroyo LLP
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