Ademi LLP is investigating Select Interior (NASDAQ: SIC), for possible breaches of fiduciary duty and other violations of law in its transaction with Sun Capital.
Ademi LLP alleges Select Interior’s financial outlook and prospects are excellent and yet Select Interior shareholders will receive only $14.50. The merger agreement unreasonably limits competing bids for Select Interior by prohibiting solicitation of further bids, and imposing a substantial penalty if Select Interior accepts a superior bid. Select Interior insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Select Interior’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 Select Interior.