The Ademi Firm is investigating Skechers (NYSE: SKX) for possible breaches of fiduciary duty and other violations of law in its transaction with 3G Capital.
In the transaction, shareholders of Skechers will receive only $63.00 per share in cash; or$57.00 per share in cash and one LLC Unit. Both the cash consideration and mixed consideration are available to each share of Skechers stock on the same terms, regardless of whether it is Class A or Class B shares of Skechers stock.
Skechers insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Skechers by imposing a significant penalty if Skechers accepts a competing bid. We are investigating the conduct of the Skechers board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.