Investor Lawsuit Against Takeover of Covance Inc. (CVD) Announced by Shareholders Foundation

SAN DIEGO, Dec. 8, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor, who currently holds shares of Covance Inc. (CVD), filed a lawsuit in effort to stop the proposed takeover of Covance Inc. by Laboratory Corporation of America Holdings for a value of approximately $105.12 per CVD share.

Investors, who purchased shares of Covance Inc. (NYSE: CVD) prior to November 3, 2014, and currently hold any of those (NYSE: CVD) shares, have certain options and should contact the Shareholders Foundation, Inc. at [email protected] or call +1 (858) 779 - 1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to (NYSE: CVD) stockholders by agreeing to sell Covance Inc too cheaply via an unfair process to Laboratory Corporation of America Holdings.

On November 3, 2014, Laboratory Corporation of America Holdings ("LabCorp") (NYSE: LH) and Covance Inc. (NYSE: CVD) announced that they have entered into an agreement under which LabCorp will acquire Covance Inc. (NYSE: CVD) for cash and LabCorp shares currently valued at $105.12 per Covance Inc. (NYSE: CVD) share, or an equity value of approximately $6.1 billion and an enterprise value of approximately $5.6 billion.

However, the plaintiff claims that the offer is too low and undervalues Covance Inc. Indeed, (NYSE: CVD) shares traded as recently as April 2014 as high as $106.64 per share in the open market. In addition, Covance Inc's performance improved lately. In addition, the plaintiff claims that the process is also unfair to (NYSE: CVD) stockholders.

Those who currently hold Covance Inc. (NYSE: CVD) shares and purchased any of those (NYSE: CVD) shares prior to the acquisition announcement have certain options and should contact the Shareholders Foundation, Inc. at [email protected] or call +1 (858) 779 - 1554.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

CONTACT: Shareholders Foundation, Inc.
         Michael Daniels
         +1 (858) 779-1554
         [email protected]
         3111 Camino Del Rio North
         Suite 423
         San Diego, CA 92108

Source: Shareholders Foundation, Inc.

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