Ademi LLP is investigating Salem (OTCQX: SALM) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with WaterStone.
Salem stockholders will receive $1.00 per share. Salem insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Salem by imposing a significant penalty if Salem accepts a competing bid. We are investigating the conduct of the Salem board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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