Ademi LLP is investigating Arconic (NYSE: ARNC) for possible breaches of fiduciary duty and other violations of law in its transaction with Apollo.
Arconic stockholders are expected to receive only $30.00 per share in an all-cash transaction that values the Arconic at an enterprise value of approximately $5.2 billion. The transaction agreement unreasonably limits competing bids for Arconic by imposing a significant penalty if Arconic accepts a superior bid. Arconic insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Arconic’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 Arconic.