Lawsuit Filed Against Directors of Ancestry.com

The following excerpt is from an a news release posted November 5, 2012 at EmpoweredNews.net.

The Shareholders Foundation announces that an investor in shares of Ancestry.com Inc (NASDAQ:ACOM) filed a lawsuit against directors of Ancestry.com Inc in effort to block the proposed buyout of Ancestry.com Inc at $32 per NASDAQ:ACOM share.

Provo, Utah based Ancestry.com Inc. is an online family history resource. On October 22, 2012, Ancestry.com (Nasdaq:ACOM) announced that the company owned by the Permira funds and co-investors has entered into a merger agreement to acquire Ancestry.com for $32.00 per share in cash in a transaction valued at $1.6 billion.

However, the plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAS:ACOM stockholder arising out of the attempt to sell the company too cheaply via an unfair process to a company owned by the London-based private-equity firm Permira funds and co-investors.

Read the full article.

Author: Leland Meitzler

Leland K. Meitzler founded Heritage Quest in 1985, and has worked as Managing Editor of both Heritage Quest Magazine and The Genealogical Helper. He currently operates Family Roots Publishing Company (www.FamilyRootsPublishing.com), writes daily at GenealogyBlog.com, writes the weekly Genealogy Newsline, conducts the annual Salt Lake Christmas Tour to the Family History Library, and speaks nationally, having given over 2000 lectures since 1983.

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