Ademi LLP is investigating Manitex (Nasdaq: MNTX) for possible breaches of fiduciary duty and other violations of law in its transaction with Tadano.
In the transaction, Manitex stockholders will receive only $5.80 per share in an all-cash transaction at an equity value of $123 million and total transaction value of $223 million, including outstanding debt.
The transaction agreement unreasonably limits competing transactions for Manitex by imposing a significant penalty if Manitex accepts a competing bid. Manitex insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Manitex’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.