We are investigating whether the directors of Apria, Inc. (Nasdaq: APR) (“Apria”) acted in the best interests of APR shareholders in approving the proposed acquisition of Apria by Owens & Minor, Inc. (NYSE: OMI) (“O&M”). If you remain an APR shareholder and have questions about your legal rights, please contact us using the form below to discuss your options at no charge.
Why is there an investigation?
On January 10, 2022, before the markets opened, O&M and Apria announced that the companies had entered into an agreement for O&M to acquire Apria for $37.50 per share in cash. The deal has already been approved by the board of directors of both companies.
Our investigation concerns whether Apria’s board acted in the best interests of APR shareholders in approving the acquisition by O&M, including whether the acquisition price adequately compensates APR shareholders, and whether all information regarding approval of the transaction has been fully disclosed.
In particular, based on 4 Wall Street analysts offering 12-month price targets for Apria in the last 3 months, the average price target is $40.00 with a high forecast of $41.00, which are both above the proposed acquisition price of $37.50. Moreover, in November 2021, Citigroup analyst Ralph Giacobbe resumed coverage of Apria with a buy rating and $39 price target. He wrote that the company stands to benefit from increased demand for oxygen due to Long COVID, and an increase in demand for sleep apnea supplies.