SCIQUEST (SQI) MERGER INVESTIGATION ALERT - Andrews & Springer LLC Is Seeking More Cash for Shareholders of SciQuest, Inc.
June 15 2016 - 8:03AM
Business Wire
Andrews & Springer LLC, a boutique securities class
action law firm focused on representing shareholders nationwide, is
investigating potential breach of fiduciary duty claims against the
Board of Directors of SciQuest, Inc. (NASDAQGS: SQI) (“SciQuest” or
the “Company”) relating to the sale of the Company to private
equity firm Accel-KKR. On May 31, 2016, the two parties announced
the signing of a definitive merger agreement pursuant to which
Accel-KKR will acquire SciQuest in a merger worth only $509
million. As a result of the merger, SciQuest shareholders are only
anticipated to receive $17.75 per share in cash in exchange for
each share.
Our investigation so far has revealed that the consideration
SciQuest shareholders are expected to receive is significantly
inadequate. Tellingly, the consideration is well-below the $21.00
per share target price set by JMP Securities. Also, while the
Company claims that shareholders will receive a “premium” for their
shares, in reality this premium is below the average 51% premium in
comparable mergers in the past three (3) years.
Andrews & Springer is investigating whether the SciQuest
Board of Directors is breaching their fiduciary duties to
shareholders and whether SciQuest’s directors have failed to
maximize shareholder value.
If you own shares of SciQuest and want to receive additional
information and protect your investments free of charge, please
visit us at
http://www.andrewsspringer.com/cases-investigations/sciquest-class-action-investigation
or contact Craig J. Springer, Esq.
at cspringer@andrewsspringer.com, or call toll free at
1-800-423-6013. You may also follow us on LinkedIn –
www.linkedin.com/company/andrews-&-springer-llc, Twitter –
www.twitter.com/AndrewsSpringer or Facebook -
www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law
firm representing shareholders nationwide who are victims of
securities fraud, breaches of fiduciary duty or corporate
misconduct. Having formerly defended some of the largest financial
institutions in the world, our founding members use their valuable
knowledge, experience, and superior skill for the sole purpose of
achieving positive results for investors. These traits are the
hallmarks of our innovative approach to each case our Firm
decides to prosecute. For more information please visit our website
at www.andrewsspringer.com. This notice may constitute Attorney
Advertising.
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Andrews & Springer LLCCraig J. Springer, Esq.,
1-800-423-6013cspringer@andrewsspringer.com
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