Ademi LLP is investigating Independence (NYSE: IHC), for possible breaches of fiduciary duty and other violations of law in its going private transaction with Geneve.
Ademi LLP alleges Independence’s financial outlook and prospects are excellent and yet Independence shareholders will receive only $57.00 per share in cash. The merger agreement unreasonably limits competing bids for Independence by prohibiting solicitation of further bids, and imposing a significant penalty if Independence accepts a superior bid. Independence Holding insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Independence’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 Independence.