Ademi LLP is investigating Enterprise (NASDAQ Global Select Market: EBTC) for possible breaches of fiduciary duty and other violations of law in its transaction with Independent.
In the transaction, Enterprise shareholders will receive $45.06 per share (0.60 shares of Independent common stock and $2.00 in cash for each share of Enterprise common stock they hold) based on the Independent closing price of $71.77 on December 6, 2024.
Enterprise insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Enterprise by imposing a significant penalty if Enterprise accepts a competing bid. We are investigating the conduct of Enterprise’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.