SAN DIEGO and NEWTOWN, Pa., Jan. 31, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the acquisition of BioClinica, Inc. (NASDAQ: BIOC) by JLL Partners, Inc. BioClinica provides clinical trial solutions to pharmaceutical, biotechnology, and medical device companies.
On January 30, 2013, BioClinica announced that it had entered into a definitive merger agreement to be acquired by a holding company controlled by JLL Partners. Pursuant to the agreement, BioClinica's shareholders will receive $7.25 in cash for each share of common stock. The transaction has been approved by the board of directors of BioClinica. Additionally, BioClinica's current President and CEO, Mark L. Weinstein , will lead the new company.
The Board of Directors' Actions May Prevent BioClinica Shareholders from Receiving the Maximum Value for Their Stock
Robbins Arroyo LLP's investigation focuses on whether the board of directors at BioClinica is undertaking a fair process to obtain maximum value and adequately compensate its shareholders or seeking to benefit themselves. The $7.25 per share offer price is substantially below the $9 target price set by an analyst at Benchmark Company on November 9, 2012.
Further, on November 8, 2012, BioClinica reported financial results for the third quarter ended September 30, 2012, reflecting record service revenues and a strong increase in Non-GAPP operating income over the same period for the prior year. Specifically, the company reported service revenues of $19.2 million for the quarter, an
|SOURCE Robbins Arroyo LLP|
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