Separately, two law firms said they are investigating potential legal claims against Animal Health’s board of directors, saying Lextron’s purchase price is too low.
The investigation “relates to the fairness of the proposed transaction” to Animal Health shareholders, according to a joint statement released March 14 by the Briscoe Law Firm and Powers Taylor, LLP: http://bit.ly/hLltcx
The firms are seeking to determine whether Animal Health’s board “obtained the best value for shareholders, adequately considered all viable alternatives, and properly shopped the company before entering into the acquisition agreement with Lextron,” according to the statement.
At least one industry analyst has set an estimated target price for Animal Health at $5, the firms said.
“Based on these and other factors, the firms do not believe that the acquisition price is fair” for Animal Health shareholders.
The firms didn’t immediately respond to e-mail messages seeking comment.