Ademi LLP is investigating Dana (NYSE: DAN) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Eaton.
Dana shareholders will own approximately 49.9% of the combined company at close with the combined companies valued at over $10 billion in enterprise value. Dana insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Dana by imposing a significant penalty if Dana accepts a competing bid. We are investigating the conduct of the Dana board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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