Ademi LLP is investigating Mister Car Wash (NASDAQ: MCW) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Leonard Green & Partners.
In the transaction, Mister Car Wash stockholders will receive $7.00 per share in cash, implying a total enterprise value of $3.1 billion. Mister Car Wash insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Mister Car Wash by imposing a significant penalty if Mister Car Wash accepts a competing bid. We are investigating the conduct of the Mister Car Wash board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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