The Ademi Firm is investigating AvidXchange (NASDAQ: AVDX) for possible breaches of fiduciary duty and other violations of law in its transaction with TPG and Corpay.
In the transaction, shareholders of AvidXchange will receive only $10.00 per share in a cash transaction that values AvidXchange at $2.2 billion. AvidXchange insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for AvidXchange by imposing a significant penalty if AvidXchange accepts a competing bid. We are investigating the conduct of the AvidXchange board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.