The Ademi Firm is investigating SoHo House (NYSE: SHCO) for possible breaches of fiduciary duty and other violations of law in its going-private transaction.
Shareholders of SoHo House will receive $9.00 per share in cash implying a total enterprise value of approximately $2.7 billion. Executive Chairman Ron Burkle and Yucaipa Companies will roll their controlling equity interests and retain majority control of the business.
SoHo House insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for SoHo House by imposing a significant penalty if SoHo House accepts a competing bid. We are investigating the conduct of the SoHo House board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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