Synergy Healthcare Plc (SYR.L) provided an update on tender offer for all outstanding shares of common stock of SRI/Surgical Express, Inc. (STRC: Quote).
On June 19, 2012, SHM Acquisition became aware of a purported class action lawsuit filed on June 13, 2012 in the Circuit Court of the Thirteenth Judicial Circuit in and for Hillsborough County, Florida against SRI, the members of the SRI Board, and SHM Acquisition. The plaintiff in this action purports to sue on behalf of a class of shareholders of SRI and alleges breach of fiduciary duty against the individual defendants because, among other reasons, in connection with the Transactions they failed to take steps to maximize the value of SRI to its public shareholders and took steps to avoid competitive bidding, and failed to properly value SRI.
The suit further alleges that SHM Acquisition and SRI, together with Synergy Health US Holdings Ltd. and Synergy Health plc, aided and abetted the alleged wrongful acts of the individual defendants. The suit seeks, among others, injunctive relief and attorney's fees and costs.
SHM Acquisition and Parent believe that the Patrick McDermott suit is without merit and expect that they will vigorously defend against such action.
It was on June 7, Synergy Health announced that it had entered into a merger agreement with SRI/Surgical Express, or SRI, to acquire the fully diluted issued share capital of SRI for $3.70 per share.
On June 14, Synergy Health plc had announced that it had on June 13 commenced a tender offer through its wholly-owned subsidiary, SHM Acquisition, Inc., for all of the outstanding shares of common stock of SRI for $3.70 per share, net to the seller in cash, without interest and less any required withholding taxes.
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by RTT Staff Writer
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