Ademi LLP is investigating Paya (Nasdaq: PAYA) for possible breaches of fiduciary duty and other violations of law in its transaction with Nuvei.
Ademi LLP alleges Paya’s financial outlook and prospects are excellent and yet Paya shareholders will receive only $9.75 per share for total consideration of approximately $1.3 billion. The transaction agreement unreasonably limits competing bids for Paya by imposing a significant penalty if Paya accepts a superior bid. Paya insiders will receive substantial benefits as part of change of control arrangements.