Ademi LLP is investigating Paycor (Nasdaq: PYCR) for possible breaches of fiduciary duty and other violations of law in its transaction with the Paychex.
In the transaction, Paycor stockholders will receive $22.50 per share, representing an enterprise value of approximately $4.1 billion. Paycor insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Paycor by imposing a significant penalty if Paycor accepts a competing bid. We are investigating the conduct of Paycor’ board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.