The Ademi Firm is investigating Sapiens (Nasdaq: SPNS) for possible breaches of fiduciary duty and other violations of law in its transaction with Advent.
Shareholders of Sapiens will receive $43.50 per common share in cash, representing approximately $2.5 billion in the aggregate. Unlike public shareholders, Sapiens shareholder Formula Systems (1985) Ltd. will retain its stake in Sapiens.
Sapiens insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Sapiens by imposing a significant penalty if Sapiens accepts a competing bid. We are investigating the conduct of the Sapiens board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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