Ademi LLP is investigating INDUS (NASDAQ: INDT) for possible breaches of fiduciary duty and other violations of law in its transaction with Centerbridge.
Ademi LLP alleges INDUS’s financial outlook and prospects are excellent and yet INDUS shareholders will receive only $67.00 per share, in an all-cash transaction valued at approximately $868 million. The transaction agreement unreasonably limits competing bids for INDUS by imposing a significant penalty if INDUS accepts a superior bid. INDUS insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of INDUS’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 INDUS.