Ademi LLP is investigating Squarespace (NYSE: SQSP) for possible breaches of fiduciary duty and other violations of law in its going private transaction with Permira.
In the transaction, Squarespace stockholders will receive only $44.00 per share in cash representing a transaction valued at over $6.6 billion on an equity value basis and approximately $6.9 billion on an enterprise value basis. The transaction agreement unreasonably limits competing transactions for Squarespace by imposing a significant penalty if Squarespace accepts a competing bid. Squarespace insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Squarespace’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.