Ademi LLP is investigating PetIQ (Nasdaq: PETQ) for possible breaches of fiduciary duty and other violations of law in its transaction with Bansk.
PetIQ shareholders will receive only $31.00 per share, in an all-cash transaction valued at approximately $1.5 billion. The transaction agreement unreasonably limits competing transactions for PetIQ by imposing a significant penalty if PetIQ accepts a competing bid. PetIQ insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of PetIQ’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.