Three more law firms have launched investigations into the American Dental Partners (ADP) acquisition deal with JLL Partners that was announced November 7.
Law firms Levi & Korsinsky, Bull & Lifshitz, and Weiss & Lurie are all questioning whether the ADP board of directors breached its fiduciary duties to ADP stockholders by failing to adequately shop the company before entering into this transaction, and whether JLL Partners is underpaying for ADP shares.
On November 7, Rigrodsky & Long also said it was investigating the proposed transaction for the same reasons.
ADP has agreed to be acquired by JLL Partners in a cash transaction valued at approximately $398 million, including $81 million in outstanding debt. Under terms of the agreement, ADP common shareholders will receive $19 per share in cash.
.DpIowD0Qsf.png?crop=focalpoint&fit=crop&fp-x=0.5&fp-y=0.5&h=100&w=100&auto=format%2Ccompress&q=70)
