The Ademi Firm is investigating CoreCard (NYSE: CCRD) for possible breaches of fiduciary duty and other violations of law in its transaction with Euronet.
In the transaction, shareholders of CoreCard will receive between 0.2783 and 0.3142 Euronet shares, with the exact ratio calculated as $30 divided by Euronet’s volume weighted average share price over a 15-trading day period prior to closing. The exchange is subject to a floor of $95.48 per Euronet share and a ceiling of $107.80 per share.
CoreCard insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for CoreCard by imposing a significant penalty if CoreCard accepts a competing bid. We are investigating the conduct of the CoreCard board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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