STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Covance Inc. (“Covance” or the “Company”) (NYSE:CVD) relating to the proposed buyout of the Company by Laboratory Corp. of America Holdings (“LabCorp”).
On November 3, 2014, Covance and LabCorp announced the signing of a definitive agreement pursuant to which LabCorp will acquire Covance in a transaction valued at approximately $6.1 billion. Under the terms of the transaction, Covance shareholders are anticipated to receive $75.76 in cash and 0.2686 LabCorp shares for each share of Covance they own. The transaction is expected to close in the first quarter of 2015, though Covance shareholders will most likely be asked to vote on the transaction well before that time.
The firm’s investigation seeks to determine, among other things, whether Covance’s Board of Directors failed to satisfy their duties to the Company’s shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for the Company’s shares of common stock.
If you currently own common stock of Covance and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.