BALA CYNWYD, Pa., June 26, 2023 (GLOBE NEWSWIRE) -- Brodsky & Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky (jbrodsky@brodskysmith.com) or Marc Ackerman (mackerman@brodskysmith.com) at 855-576-4847. There is no cost or financial obligation to you.
Conformis, Inc. (Nasdaq – CFMS)
Under the terms of the agreement, Conformis will be acquired by restor3d, Inc. restor3d, Inc. will pay $2.27 per share in cash for each Conformis share. The investigation concerns whether the Conformis Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether restor3d, Inc. is paying too little for the Company. For example, the deal consideration is below the 52-week high of $9.85 for the Company’s shares.
Additional information can be found at https://www.brodskysmith.com/cases/conformis-inc-nasdaq-cfms/.
Eneti Inc. (NYSE – NETI)
Under the terms of the agreement, Eneti will merge with Cadeler A/S (“Cadeler”) (OSE - CADLR). Cadeler will make a stock-for-stock exchange offer to all stockholders of Eneti based on an exchange ratio of 3.409 Cadeler shares for each Eneti share (the “Exchange Offer”). Following the completion of the Exchange Offer, Cadeler and Eneti shareholders will own approximately 60% and 40% of the combined company, respectively. The investigation concerns whether the Eneti Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution to Eneti shareholders in the combined company.
Additional information can be found at https://www.brodskysmith.com/cases/eneti-inc-nyse-neti/.
Franchise Group, Inc. (Nasdaq – FRG)
Under the terms of the Merger Agreement, Franchise Group will be acquired by members of the senior management team of Franchise Group in financial partnership with a consortium that includes B. Riley Financial, Inc. and Irradiant Partners. The buyers will acquire approximately 64% of the Company’s issued and outstanding common stock that the management team does not presently own or control. Franchise Group common stockholders, other than the referenced management team, will receive $30.00 in cash for each share of Franchise Group common stock they hold. The transaction has an enterprise value of approximately $2.6 billion, including the Company’s net debt and outstanding preferred stock. The investigation concerns whether the Franchise Group Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the buyers are paying too little for the Company. For example, the deal consideration is below the 52-week high of $44.25 for the Company’s shares.
Additional information can be found at https://www.brodskysmith.com/cases/franchise-group-inc-nasdaq-frg/.
NexTier Oilfield Solutions Inc. (NYSE – NEX)
Under the terms of the agreement, NexTier will merge with Patterson-UTI Energy, Inc. (“Patterson-UTI”) (Nasdaq - PTEN). NexTier shareholders will receive 0.7520 shares of Patterson-UTI common stock for each share of NexTier common stock owned. Patterson-UTI shareholders will own approximately 55% and NexTier shareholders will own approximately 45% of the combined company on a fully diluted basis. The deal has an enterprise value of approximately $5.4 billion. The investigation concerns whether the NexTier Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution to NexTier shareholders in the combined company.
Additional information can be found at https://www.brodskysmith.com/cases/nextier-oilfield-solutions-inc-nyse-nex/.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
