Ademi LLP is investigating Great Lakes (NASDAQ: GLDD) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Saltchuk Resources.
In the transaction, Great Lakes stockholders will receive $17.00 per share or approximately $1.2 billion in aggregate equity value and $1.5 billion total transaction value. Great Lakes insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Great Lakes by imposing a significant penalty if Great Lakes accepts a competing bid. We are investigating the conduct of the Great Lakes board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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