Ademi LLP is investigating Solenis (NASDAQ: DSEY) for possible breaches of fiduciary duty and other violations of law in its transaction with Solenis.
Ademi LLP alleges Diversey’s financial outlook and prospects are excellent and yet Diversey shareholders are expected to receive only $8.40 per share in an all-cash transaction valued at an enterprise value of approximately $4.6 billion. The transaction agreement unreasonably limits competing bids for Diversey by imposing a significant penalty if Diversey accepts a superior bid. Diversey insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Diversey’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 Diversey.