The Ademi Firm is investigating Exact Sciences (NASDAQ: EXAS) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Abbott.
In the transaction, Exact Sciences shareholders will receive $105 per share in cash, representing a total equity value of approximately $21 billion and an estimated enterprise value of $23 billion. Exact Sciences insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Exact Sciences by imposing a significant penalty if Exact Sciences accepts a competing bid. We are investigating the conduct of the Exact Sciences board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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