Ademi LLP is investigating Aegion (NASDAQ:AEGN) for possible breaches of fiduciary duty and other violations of law in its transaction with New Mountain Capital.
Ademi LLP alleges Aegion’s financial outlook is improving and yet Aegion shareholders will receive only $26 for each share they own. The merger agreement unreasonably limits competing bids for Aegion by prohibiting solicitation of further bids, and imposing a termination penalty if Aegion accepts a superior bid. Aegion insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Aegion’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 Aegion.