Ademi LLP is investigating ROIC (NASDAQ: ROIC) for possible breaches of fiduciary duty and other violations of law in its transaction with Blackstone.
Under the agreement, stockholders of ROIC will receive only $17.50 per share in an all-cash transaction valued at approximately $4 billion, including outstanding debt. The transaction agreement unreasonably limits competing transactions for ROIC by imposing a significant penalty if ROIC accepts a competing bid. ROIC insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of ROIC’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.