COVANCE (CVD) SHAREHOLDER ALERT - Andrews & Springer LLC Is Seeking More Cash for Shareholders of Covance Inc.

WILMINGTON, Del.--()--Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Covance Inc. (NYSE: CVD) (“Covance” or the “Company”) relating to the sale of the Company to Laboratory Corporation of America Holdings (“LabCorp”). On November 3, 2014, the two companies announced the signing of a definitive merger agreement pursuant to which LabCorp will acquire Covance in a merger in a deal worth $6.1 billion. As a result of the merger, Covance shareholders are only anticipated to receive $75.76 in cash and 0.2686 shares of LabCorp in exchange for each share of Covance (total consideration approximately $105.12 per share).

Andrews & Springer’s investigation focuses on the insufficient consideration that Covance shareholders are expected to receive. Following the merger, Covance shareholders are expected to be substantially diluted, owning only 15.5% of the combined company. Additionally, the 0.2686 fixed exchange ratio restricts the value that Covance shareholders are expected to receive by exposing Covance shareholders to the volatility of LabCorp’s share price. Because the exchange ratio is fixed and the Company has not indicated that there has been a price collar established, Covance stockholders likely have no protection against a future drop in the price of LabCorp shares, and could experience an even smaller, or negative, premium as a result of the proposed merger.

If you own shares of Covance and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/CVD or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.

Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.

Contacts

Andrews & Springer LLC
Craig J. Springer, Esq., 1-800-423-6013
cspringer@andrewsspringer.com

Contacts

Andrews & Springer LLC
Craig J. Springer, Esq., 1-800-423-6013
cspringer@andrewsspringer.com