Ademi LLP is investigating STORE Capital (NYSE: STOR) for possible breaches of fiduciary duty and other violations of law in its transaction with GIC and Oak Street.
Ademi LLP alleges STORE Capital’s financial outlook and prospects are excellent and yet STORE Capital holders will receive only $32.25 per share in an all-cash transaction valued at approximately $14 billion. The transaction agreement unreasonably limits competing bids for STORE Capital by imposing a significant penalty if STORE Capital accepts a superior bid. STORE Capital insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of STORE Capital’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 STORE Capital.