MILWAUKEE, Feb. 22, 2021 /PRNewswire/ -- Ademi LLP is investigating Forterra (NASDAQ:FRTA) for possible breaches of fiduciary duty and other violations of law in its transaction with Quikrete.
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Ademi LLP alleges Forterra's financial outlook is improving and yet Forterra shareholders will receive only $24.00 per share in an all-cash transaction valued at approximately $2.74 billion, including outstanding debt. The merger agreement unreasonably limits competing bids for Forterra by prohibiting solicitation of further bids, and imposing a termination penalty if Forterra accepts a superior bid. Forterra insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Forterra's board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Forterra.
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SOURCE Ademi LLP