Ademi LLP is investigating MarketAxess (Nasdaq: MKTX) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Intercontinental Exchange, Inc.
MarketAxess shareholders will receive $167 per share in cash, valuing MarketAxess at an equity value of approximately $6.0 billion and a total enterprise value of approximately $5.7 billion. MarketAxess insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for MarketAxess by imposing a significant penalty if MarketAxess accepts a competing bid. We are investigating the conduct of the MarketAxess board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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