MILWAUKEE, Feb. 11, 2021 /PRNewswire/ -- Ademi LLP is investigating Synacor (Nasdaq: SYNC) for possible breaches of fiduciary duty and other violations of law in its transaction with Centre Lane Partners.
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Ademi LLP alleges Synacor's financial outlook is improving and yet Synacor shareholders will receive only $2.20 for each Synacor share they own. The merger agreement unreasonably limits competing bids for Synacor by prohibiting solicitation of further bids, and imposing a termination penalty if Synacor accepts a superior bid. Synacor insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Synacor'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 Synacor.
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SOURCE Ademi LLP