Brodsky & Smith Investigating Four Mergers for Potential Fiduciary Breaches

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2▲0 ▼0Impact / 5
Summary · why it matters

Brodsky & Smith announced investigations into the proposed acquisitions of TriCo Bancshares, Twin Vee PowerCats, Crinetics Pharmaceuticals, and Element Solutions. TriCo Bancshares is being acquired by First Hawaiian in an all-stock deal valued at $63.12 per share, while Twin Vee PowerCats will be acquired by USFM Corporation with shareholders receiving contingent value rights and shares in the combined public company. Crinetics Pharmaceuticals is being bought by Vertex Pharmaceuticals for $85.00 per share in cash, totaling approximately $10.0 billion, and Element Solutions is being acquired by Solstice Advanced Materials in a cash-and-stock transaction implying about $50.10 per share. Each investigation focuses on whether the respective board breached fiduciary duties by failing to conduct a fair process and secure fair value for shareholders.

Impact on assets 7

Biotech & Genomic Medicine▲ · 2 stocks
Financials▲ · 2 stocks
TriCo Bancshares
TCBK
± MixedRegulationrelevance

Investigation into fiduciary breach during acquisition by First Hawaiian; outcome uncertain.

Semiconductors▲ · 1 stocks
Element Solutions Inc
ESI
± MixedRegulationrelevance

Investigation into fiduciary breach during acquisition by Solstice; outcome uncertain.

Consumer Discretionary▲ · 1 stocks
Twin Vee Powercats Co
VEEE
± MixedRegulationrelevance

Investigation into fiduciary breach during acquisition by USFM; outcome uncertain.

Critical Materials & Supply Chain▲ · 1 stocks

Off-coverage companies 1

USFM CorporationPrivate± Mixed
relevance

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