NEW YORK, Sept. 28, 2018 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Essendant Inc. ("ESND" or the "Company") (NASDAQ: ESND) in connection with the proposed acquisition of the Company by Staples, Inc. Under the terms of the acquisition agreement, shareholders will receive $12.80 in cash for each ESND share they own.
If you own ESND shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact:
Joshua Rubin WeissLaw LLP 1500 Broadway, 16th Floor New York, NY 10036 (212) 682-3025 (888) 593-4771 [email protected]
WeissLaw is investigating whether ESND's Board acted to maximize shareholder value prior to entering into the agreement. Notably, ESND shares traded for $17.09, or nearly $4.30 above the offer price, mere weeks prior to the acquisition announcement. Additionally, in its latest financial announcement, the Company reported earnings per share of $0.16, beating projected earnings per share by $0.20.
Given these facts, WeissLaw is concentrating its investigation on whether ESND's Board conducted a fair process in agreeing to the proposed acquisition, and whether the proposed acquisition undervalues the Company.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected].