Ademi LLP is investigating AstroNova (NASDAQ: ALOT) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Arcline.
AstroNova shareholders will receive $29.00 per share in an all-cash transaction valued at approximately $272 million. AstroNova insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for AstroNova by imposing a significant penalty if AstroNova accepts a competing bid. We are investigating the conduct of the AstroNova board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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