Ademi LLP is investigating Safety (NASDAQ: SAFT) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Mapfre.
Safety shareholders will receive $105 per share in an all-cash transaction valued at approximately $1.54 billion. Safety insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Safety by imposing a significant penalty if Safety accepts a competing bid. We are investigating the conduct of the Safety board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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