A US law firm has opened an investigation into PRA Health, a clinical trials company, into its $ 12 billion (€ 9.8 billion) merger with its Irish counterpart ICON plc.
alper Sadeh LLP, a New York-based investor rights law firm, said it was investigating PRA in a statement relating to various reviews of companies it undertakes.
On the Halper Sadeh website, he said he was investigating whether the sale of PRA to ICON is fair to the shareholders of the American company. Under the terms of the transaction, PRA shareholders will receive $ 80 in cash and 0.4125 ICON shares for each PRA Health share they own.
The statement on the website added that the investigation is into whether PRA and its board of directors violated federal securities laws and / or violated their obligations to shareholders. These included securing the best possible consideration for PRA shareholders, determining whether ICON is underpaying PRA and disclosing all material information needed by PRA shareholders to assess merger consideration.
Halper Sadeh could ask for “increased compensation” for shareholders. Its website includes a link allowing PRA shareholders to participate in a “share”.
PRA, ICON and Halper Sadeh did not respond to a request for comment.