Robbins Arroyo LLP: Acquisition of Liberator Medical Holdings Inc. (LBMH) by C.R. Bard Inc. (BCR) May Not Be in Shareholders'...
20 Novembro 2015 - 5:30PM
Business Wire
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Liberator Medical
Holdings Inc. (NYSE MKT: LBMH) by C.R. Bard Inc. (NYSE: BCR). On
November 20, 2015, the two companies announced the signing of a
definitive merger agreement pursuant to which C.R. Bard will
acquire Liberator Medical. Under the terms of the agreement,
Liberator Medical shareholders will receive $3.35 in cash for each
share of Liberator Medical common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/liberator-medical-holdings-inc
Is the Proposed Acquisition Best for Liberator Medical and
Its Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Liberator Medical is undertaking a fair process to
obtain maximum value and adequately compensate its
shareholders.
As an initial matter, the $3.35 merger consideration represents
a premium of only 25.9% based on Liberator Medical's closing price
on November 19, 2015. This premium is significantly below the
average one-day premium of nearly 47% for comparable transactions
within the past five years. Further, the $3.35 merger consideration
is significantly below the target price of $8.00 set by an analyst
at Dawson James Securities on January 6, 2014. In the last three
years, Liberator Medical traded as high as $6.00 on January 21,
2014, and most recently traded above the merger consideration – at
$3.36 – on April 29, 2015.
On August 10, 2015, Liberator Medical reported strong earnings
results for its third quarter 2015. Net sales for the quarter were
$20.4 million, an increase of 9.7% compared to the same period last
year. Gross profit for the period was $12.5 million, an increase of
6% compared to the same period last year. In commenting on these
results, Liberator Medical President and Chief Executive Officer
Mark Libratore remarked, "I am pleased to report 9.9%
year-over-year revenue growth for the nine months ended June 30,
2015. Our efforts to improve the customer experience have delivered
just under 15% revenue retention for the three months, and 13% for
the nine months ended June 30th. Creating value for our customers
is an essential step in continuing to grow the value of Liberator.
I am not pleased with the drop in net income year-over-year. In the
absence of one-time expenses our net income would have grown. We
are very focused on reducing extraordinary expenses and protecting
shareholder value. We will continue creating efficiencies,
improving profitability and strengthening our quality and
compliance systems as we head into our fiscal fourth quarter."
In light of these facts, Robbins Arroyo LLP is examining
Liberator Medical's board of directors' decision to sell the
company now rather than allow shareholders to continue to
participate in the company's continued success and future growth
prospects.
Liberator Medical shareholders have the option to file a class
action lawsuit to ensure the board of directors obtains the best
possible price for shareholders and the disclosure of material
information. Liberator Medical shareholders interested in
information about their rights and potential remedies can contact
attorney Darnell R. Donahue at (800) 350-6003,
ddonahue@robbinsarroyo.com, 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 law 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.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20151120005879/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003ddonahue@robbinsarroyo.comwww.robbinsarroyo.com
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