The Ademi Firm is investigating 89bio (Nasdaq: ETNB) for possible breaches of fiduciary duty and other violations of law in its transaction with Roche.
Shareholders of 89bio will receive $14.50 per share in cash at closing, plus a non-tradeable CVR to receive certain milestone payments of up to an aggregate of $6.00 per share in cash, representing a total equity value of approximately $2.4 billion at closing and representing a total deal value of up to $3.5 billion.
89bio insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for 89bio by imposing a significant penalty if 89bio accepts a competing bid. We are investigating the conduct of the 89bio board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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