Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of iKang Healthcare Group, Inc. (NASDAQGS: KANG) to a consortium of entities led by CEO and Chairman Lee Ligang Zhang and Vice Chairman of the Board Boquan He. Under the terms of the transaction, iKang shareholders will receive US$41.20 per Class A or Class C common share and US$20.60 per American depositary share. Mr. Zhang and Mr. Boquan have agreed to tender their shares, representing approximately 25.6% of the Company’s outstanding shares and approximately 43.1% of total voting power of the outstanding shares.
The investigation concerns whether the Board of iKang breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether the consortium is underpaying for iKang shares, thus unlawfully harming iKang shareholders.
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