The Law Firm of Wohl & Fruchter Commences Investigation into the Acquisition of Ebix, Inc. by Goldma
The Law Firm of Wohl & Fruchter Commences Investigation into the Acquisition of Ebix, Inc. by Goldman Sachs & Co.
NEW YORK--(BUSINESS WIRE)-- The law firm of Wohl & Fruchter LLP is investigating the proposed acquisition of Ebix, Inc. (Ebix) (NAS: EBIX) by an affiliate of Goldman Sachs & Co. (Goldman Sachs).
Ebix is a leading provider of software and e-commerce services to the insurance industry.
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.
Moreover, Robin Raina, Ebix's Chairman and CEO, and the Rennes Foundation, a large existing shareholder, will continue to be meaningful equity investors in Ebix. Combined, Raina and the Rennes Foundation currently hold approximately 19% of EBIX shares. Both have entered into agreements to vote in favor of the transaction. Rolf Herter, a member of Ebix's Board of Directors, is also a director of the Rennes Foundation.
Wohl & Fruchter's investigation concerns the potential unfairness of the consideration being provided to Ebix shareholders, and whether approval of the merger was improperly motivated by conflicts of interest, including Raina's and the Rennes Foundation's ongoing post-acquisition equity interest in the company.
Additional information is available at http://www.wohlfruchter.com/cases/ebix.
Persons with relevant information, and Ebix shareholders with questions about this investigation, are invited to contact our Firm by calling 866.582.8140, or contacting the attorney below.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
This release may be deemed to constitute attorney advertising.
Wohl & Fruchter LLP
J. Elazar Fruchter, 845-425-4658
jfruchter@wohlfruchter.com
www.wohlfruchter.com
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The article The Law Firm of Wohl & Fruchter Commences Investigation into the Acquisition of Ebix, Inc. by Goldman Sachs & Co. originally appeared on Fool.com.
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