The following is from the December 27, 2012 edition of Bloomberg.com.
Ancestry.com Inc. (ACOM) officials can’t proceed with the $1.6 billion sale of the family-history website to Permira Advisers LLP until it discloses more information about the deal before a Dec. 27 shareholder vote, a judge ruled.
Delaware Chancery Court Judge Leo Strine issued an injunction today barring Ancestry officials from closing the deal with Permira for now. Ancestry must publicly disclose that its financial adviser wouldn’t issue a fairness evaluation of the deal until officials changed revenue projections and that provisions of the deal barred other bidders from attempting to top Permira’s offer, Strine said.
“I’m not prepared to allow this to go to a vote without the shareholders being told” about the changes to the projections, Strine said at a hearing in Wilmington, Delaware.
