Ademi LLP is investigating Stericycle (Nasdaq: SRCL) for possible breaches of fiduciary duty and other violations of law in its transaction with Waste Management.
In the transaction, Stericycle shareholders will receive only $62.00 per share in cash, representing a total enterprise value of approximately $7.2 billion, including approximately $1.4 billion of Stericycle’s net debt.. The transaction agreement unreasonably limits competing transactions for Stericycle by imposing a significant penalty if Stericycle accepts a competing bid. Stericycle insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Stericycle’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.