Ademi LLP is investigating Avid (NASDAQ: CDMO) for possible breaches of fiduciary duty and other violations of law in its transaction with GHO and Ampersand.
In the transaction, stockholders of Avid will receive only $12.50 per share in an all-cash transaction valued at approximately $1.1 billion. The transaction agreement unreasonably limits competing transactions for Avid by imposing a significant penalty if Avid accepts a competing bid. Avid insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Avid’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.