The Ademi Firm is investigating Alexander & Baldwin (NYSE: ALEX) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with MW Group and fund affiliated with Blackstone and DivcoWest.
In the transaction, Alexander & Baldwin shareholders will receive $21.20 per share in cash, representing an enterprise value of $2.3 billion, including outstanding debt. Alexander & Baldwin insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Alexander & Baldwin by imposing a significant penalty if Alexander & Baldwin accepts a competing bid. We are investigating the conduct of the Alexander & Baldwin board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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