Ademi LLP is investigating PGTI (NYSE: PGTI) for possible breaches of fiduciary duty and other violations of law in its transaction with MITER.
In the transaction, PGTI stockholders will receive only $42.00 per share in cash, or an enterprise value of approximately $3.1 billion. The transaction agreement unreasonably limits competing transactions for PGTI by imposing a significant penalty if PGTI accepts a competing bid. PGTI insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of PGTI’ board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.