Ademi LLP is investigating Anaplan (NYSE: PLAN) for possible breaches of fiduciary duty and other violations of law in its transaction with Thoma Bravo.
Ademi LLP alleges Anaplan’s financial outlook and prospects are excellent and yet Anaplan shareholders will receive only $66.00 per share in an all-cash transaction valued at approximately $10.7 billion. The transaction agreement unreasonably limits competing bids for Anaplan by prohibiting solicitation of further bids, and imposing a significant penalty if Anaplan accepts a superior bid. Anaplan insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Anaplan’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 Anaplan.