Covance Shareholder Alert – Buyout of Covance Inc. – National Securities Law Firm Seeks Higher Price for Shareholders. Encourages Shareholders to Contact Law Firm for More Information
November 3, 2014
New York, New York
Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of Covance Inc. (NYSE: CVD) (“Covance” or the “Company”) on behalf of its shareholders. Laboratory Corporation of America Holdings (LabCorp) and Covance announced that they have entered into a definitive agreement under which LabCorp will acquire Covance for cash and LabCorp shares currently valued at $105.12 per Covance share. Under the terms of the agreement, Covance shareholders will receive $75.76 in cash and 0.2686 LabCorp shares for each Covance share they own. Covance shareholders will own approximately 15.5% of the combined company.
The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors and senior management of Covance for not acting in Covance shareholders’ best interests in connection with the sale process of Covance. The investigation seeks to determine if there was an adequate auction process and if LabCorp is underpaying for Covance shares. Indeed, Covance stock hit a high of $106.50 per share earlier this year. The investigation further concerns whether the senior management of Covance may have acted in their own self interests in selling the company to LabCorp.
If you are a shareholder of Covance and would like additional information as to how the acquisition may affect your rights as a shareholder, and how you may be eligible to obtain a higher price for your shares, please contact us toll free at 1-800-511-7037 or contact us via our website.
Tripp Levy PLLC represents individual and institutional shareholders and, along with its affiliate, has recovered billions of dollars for shareholders in similar actions around the globe. Tripp Levy PLLC is affiliated with the law firm Milberg LLP. The National Law Journal has named Milberg one of the “50 Elite Trial Lawyer Firms” and one of the “50 Leading Plaintiff Firms in America.” Attorney advertising. Prior results do not indicate a similar outcome.