Ademi LLP is investigating DICE (NASDAQ: DICE) for possible breaches of fiduciary duty and other violations of law in its transaction with Eli Lilly and Company.
In the transaction, DICE shareholders will receive only $48 per share in cash (an aggregate of approximately $2.4 billion) payable at closing. The transaction agreement unreasonably limits competing bids for DICE by imposing a significant penalty if DICE accepts a superior bid. DICE insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of DICE’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 DICE.