Ademi LLP is investigating ACC (NYSE:ACC) for possible breaches of fiduciary duty and other violations of law in its transaction with Blackstone.
Ademi LLP alleges ACC’s financial outlook and prospects are excellent and yet ACC shareholders will receive only $65.47 per fully diluted share in an all-cash transaction valued at approximately $12.8 billion, including the assumption of debt. The transaction agreement unreasonably limits competing bids for ACC by prohibiting solicitation of further bids, and imposing a significant penalty if ACC accepts a superior bid. ACC insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of ACC’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for ACC.