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Robbins Arroyo LLP: Acquisition of Abaxis, Inc. (ABAX) by Zoetis Inc. (ZTS) May Not Be in Shareholders' Best Interests

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Shareholder rights attorneys at Robbins
Arroyo LLP
are investigating the proposed acquisition of Abaxis,
Inc. (NASDAQ:ABAX) by Zoetis Inc. (NYSE:ZTS). On May 16, 2018, the two
companies announced the signing of a definitive merger agreement
pursuant to which Zoetis will acquire Abaxis. Under the terms of the
agreement, Abaxis shareholders will receive $83.00 in cash for each
share of Abaxis common stock.

View this information on the law firm's Shareholder Rights Blog: http://www.robbinsarroyo.com/abaxis-inc

Is the Proposed Acquisition Best for Abaxis and Its Shareholders?

Robbins Arroyo LLP's investigation focuses on whether the board of
directors at Abaxis is undertaking a fair process to obtain maximum
value and adequately compensate its shareholders.

As an initial matter, the $83.00 merger consideration represents a
premium of only 18.1% based on Abaxis' average closing price for the
month prior to the announcement of the acquisition. This premium is
significantly below the average 1-month premium of nearly 34.35% for
comparable transactions within the past five years. Further, the $83.00
merger consideration is significantly below the target price of $90.00
initially set by an analyst at Northcoast Research on January 29, 2018
and reiterated as recently as April 27, 2018, and $87.00 set by an
analyst at Sidoti & Company LLC on January 26, 2018.

On April 26, 2018, Abaxis reported strong earnings results for its
fourth quarter and full year 2018. Diluted net income per share was
$0.43 for its fourth quarter 2018, an increase from $0.33 in the same
period for the previous year. Furthermore, in its fourth quarter 2018
Abaxis recorded revenues of $67.9 million, a 17% increase from the same
period in the previous year, as well as full year 2018 revenues of
$244.7 million, up 8% from the prior fiscal year. Additionally, Abaxis
beat analyst estimates for adjusted EPS and adjusted net income in three
of its last four quarters. In commenting on these results, Abaxis
Chairman & CEO, Clint Severson, remarked, "This is our second
consecutive quarter of double-digit revenue growth and we are pleased
with the momentum in our business…[w]e look forward to strong growth in
fiscal 2019 and we are optimistic about our future."

In light of these facts, Robbins Arroyo LLP is examining Abaxis' board
of directors' decision to sell the company now rather than allow
shareholders to continue to participate in the company's continued
success and future growth prospects.

Abaxis shareholders have the option to file a class action lawsuit to
ensure the board of directors obtains the best possible price for
shareholders and the disclosure of material information. Abaxis
shareholders interested in information about their rights and potential
remedies can contact attorney Leo Kandinov at (800) 350-6003, lkandinov@robbinsarroyo.com,
or via the shareholder
information form
on the firm's website.

Robbins Arroyo LLP is a nationally recognized leader in securities
litigation and shareholder rights law. The law firm represents
individual and institutional investors in shareholder derivative and
securities class action lawsuits, and has helped its clients realize
more than $1 billion of value for themselves and the companies in which
they have invested.

Attorney Advertising. Past results do not guarantee a similar outcome.

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