Ademi LLP is investigating Terns (NASDAQ: TERN) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Merck.
In the transaction, Terns stockholders will receive $53.00 per share in cash, representing an equity value of approximately $6.7 billion or $5.7 billion net of acquired cash. Terns insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Terns by imposing a significant penalty if Terns accepts a competing bid. We are investigating the conduct of the Terns board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
Join this Action