The law firm said it is examining whether the boards of LCI Industries, Iridium Communications, Bio-Techne and Arcosa ran fair sale processes and secured adequate value for shareholders.
Brodsky & Smith said it is investigating four proposed acquisitions to assess whether the target companies’ boards breached fiduciary duties by failing to run fair sale processes or by accepting inadequate consideration for shareholders. The matters involve LCI Industries, which is set to be acquired by Patrick Industries in an all-stock deal giving LCI holders 1.2440 Patrick shares for each LCI share; Iridium Communications Inc., which is to be acquired by Rocket Lab Corporation for $54 per share in a cash-and-stock transaction with an enterprise value of about $8.0 billion; Bio-Techne Corporation, which is to be acquired by Merck KGaA for $73.00 per share in cash at an enterprise value of about $11.3 billion; and Arcosa, Inc., which is to be acquired by CRH for $150.00 per share in cash at a total enterprise value of about $8.5 billion. The firm invited shareholders to contact Jason Brodsky or Marc Ackerman regarding the investigations.