Ademi LLP is investigating Day One (NASDAQ: DAWN) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Servier.
In the transaction, Day One stockholders will receive $21.50 per share in cash, representing a total equity value of approximately $2.5 billion. Day One insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Day One by imposing a significant penalty if Day One accepts a competing bid. We are investigating the conduct of the Day One board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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