The action is against the Board of Directors of Orchid Cellmark, Inc. (“Orchid” or the “Company”) (Nasdaq:ORCH - News) relating to the proposed acquisition by Laboratory Corporation of America Holdings (“LabCorp”). The deal is worth approximately $85.4 million.
Under the terms of the transaction Orchid shareholders would receive $2.80 for each share Orchid stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Orchid by not acting in the Company’s shareholders' best interests in connection with the sale process to LabCorp. The transaction may undervalue Orchid as the offer is not significantly higher the April 6, 2011 Orchid share price of $2.76. Additionally, one analyst has set a price target of $6.00 for the Company.
On June 24, 2011, the Plaintiff filed a notice of Voluntary Dismissal of the entire action.
On June 27, 2011, the Court terminated the case by entering an electronic docket entry.
The court filed an official order on July 13, 2011, terminating the case after based on the plaintiff's the notice of voluntary dismissal without prejudice.