MILWAUKEE, May 1, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Ebix for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Ebix to Goldman.
Click here to learn how to join the action: http://www.ademilaw.com/case/ebix-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Ebix's long-term financial outlook is very positive and yet Ebix shareholders will receive only the equivalent of $20. Goldman is well aware of Ebix's improving financial metrics and is purchasing Ebix at a substantial discount. The merger agreement unreasonably limits prospective bids for Ebix by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Ebix receive and accept a superior bid. Ebix insiders, their affiliates and other majority shareholders own significant voting stock of Ebix, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Ebix not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Ebix's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Ebix given its current financial condition and prospects.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP