Ademi LLP is investigating GCP Applied Technologies (NYSE: GCP), for possible breaches of fiduciary duty and other violations of law in its transaction with Saint-Gobain.
Ademi LLP alleges GCP Applied Technologies’ financial outlook and prospects are excellent and yet GCP Applied Technologies shareholders will receive only $32.00 per share, in cash, in a transaction valued at approximately $2.3 billion. The merger agreement unreasonably limits competing bids for GCP Applied Technologies by prohibiting solicitation of further bids, and imposing a significant penalty if GCP Applied Technologies accepts a superior bid. GCP Applied Technologies insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of GCP Applied Technologies’ board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for GCP Applied Technologies.