Millipore Corporation board under Investigation

An investigation on behalf of current long term shareholders in Millipore Corporation (Public, NYSE:MIL) over potential breaches of fiduciary duty and other violations of state law in connection with a potential unfair takeover were announced.

Those who are currently a long term investor in shares of Millipore Corporation (Public, NYSE:MIL) and those who have additional information relating the investigations, have certain options and should contact the Shareholders Foundation at:

mail@shareholdersfoundation.com or at: +1 (858) 779 – 1554

The investigations by law firms focus on whether the Board of Directors of Millipore Corporation (NYSE: MIL) will breach its fiduciary duty to its shareholders and violate other state law related to reports that the Millipore Board of Directors will agree to sell Millipore Corp to Thermo Fisher Scientific Inc. for approximately $90.00 per share. On February 22, 2010 according to Bloomberg News cited a unnamed source close to the situation that Thermo Fisher Scientific Inc made an unsolicited takeover offer of about $6 billion for Millipore. Later on Monday afternoon Dow Jones Newswires reported that a spokeswoman for Thermo Fisher Scientific said the takeover offer for Millipore (NYSE:MIL) are "definitely a rumor". She declined to comment further. Thus Millipore won't confirm or knock down whether is actually in negotiation to buy Millipore.

According to one investigation by a law firm a proposed “transaction would appear to be unfair” to current investors of Millipore Corporation (NYSE:MIL) because an “offer to purchase Millipore Corporation (MIL) at $90.00 per share appears opportunistically timed to take advantage of the current economic downturn” and would be “grossly unfair, inadequate, and substantially below the fair or inherent value of MIL”.

Shares of Millipore Corporation (MIL) surge 37% to over $102 per share after the announcement and recently traded at $90.10 per share. MIL shares traded at $71.40 per share before the news, and reached in 2008 $76.11 per share, and in 2007 almost $82 per share. Millipore Corporation reported in 2007 Total Revenue of $1.53156billion with a Net Income of $136.47million, in 2008 Total Revenue of $1.60214billion with a Net Income of $137.6million, and in 2009 Total Revenue of $1.65441billion with a Net Income of $177million.

The investigation “concerns whether the Millipore Corp. Board of Directors breaches their fiduciary duties to Millipore Corporation (Public, NYSE:MIL) shareholders if they agree to sell Millipore Corp (NYSE:MIL)”, “whether the directors of Millipore Corporation will breach their fiduciary duties by not acting in Millipore Corporation (MIL) shareholders' best interests”, and “the Company may not have adequately shop itself around before entering into this transaction and, pursuant to a proposed transaction, Thermo Fisher Scientific Inc may be underpaying for Millipore Corporation (NYSE:MIL), thus unlawfully harm MIL shareholders”.

Millipore Corporation, located in Billerica, MA, is a life science company. The Company provides products and services that help its academic, biotechnology and pharmaceutical customers advance their research, development and production. Its products and services help customers increase their speed and improve their consistency while saving costs in laboratory applications and in biopharmaceutical manufacturing.

On investigation calls a deal even “suspicious because it appears from a review of the Company's financial statements that the inherent value of the Company's stock is greater than $90.00 per share, because at least one analyst has set a target price for the stock of $115 per share, and also because it appears that the Company's Board of Directors has failed to shop the Company to other potential buyers, such as General Electric, to assure that the shareholders receive the best possible price for their shares.

Source: http://www.prlog.org/10547168-millipore-corporation-board-under-investigation.html