Ademi LLP is investigating Eneti (NYSE: NETI) for possible breaches of fiduciary duty and other violations of law in its transaction with Cadeler.
In the transaction, Eneti shareholders will receive only 3.409 Cadeler shares for each Eneti share. Following the completion of the transaction, Cadeler and Eneti shareholders will own approximately 60% and 40% of the combined company. The transaction agreement unreasonably limits competing bids for Eneti by imposing a significant penalty if Eneti accepts a superior bid. Eneti insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Eneti’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 Eneti.