Ademi LLP is investigating Reneo (Nasdaq: RPHM) for possible breaches of fiduciary duty and other violations of law in its going private transaction with OnKure.
In the transaction, pre-merger Reneo stockholders are expected to own approximately 31% of the combined company, and pre-merger OnKure stockholders are expected to own approximately 69% of the combined company. The transaction agreement unreasonably limits competing transactions for Reneo by imposing a significant penalty if Reneo accepts a competing bid. Reneo insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Reneo’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.