SAN DIEGO, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP, a leading stockholder rights law firm, announced that it is investigating claims on behalf of Squarespace, Inc. (NYSE: SQSP) shareholders concerning potential breaches of fiduciary duties related to the proposed sale of the Company to private equity firm Permira.
On May 13, 2024, Squarespace informed the public that it has agreed to a deal with Permira, in which stockholders will receive $44.00 per share in an all-cash offer. Upon completion of the deal, Squarespace will be a private Company. Johnson Fistel’s investigation focuses on whether Squarespace’s board failed to satisfy its duties to the Company's stockholders, including whether the board sufficiently pursued alternatives to the acquisition, and whether the board secured the best possible price for Squarespace’s shares. It is particularly pertinent to note analyst projections for earnings and revenue growth, and Squarespace shares have historically traded at a much higher price.
Then on August 14, 2024, Glazer Capital LLC announced that it had sent a letter to the board of Squarespace Inc., criticizing the $44.00 per share merger consideration offered by Permira Advisers for the proposed acquisition of the company as inadequate. Glazer Capital argued that industry-standard methodologies for transaction valuation analysis were omitted from the fairness opinion, leading to significant undervaluation. The firm believes that the flawed and self-serving process was designed to benefit controlling shareholders and Permira Advisers at the expense of minority shareholders. Additionally, Glazer Capital pointed out that the two companies selected by the special committee's financial advisor have appreciated more than the premium offered by Permira Advisers. Glazer Capital also stated its intention to vote against the acquisition at the upcoming Special Meeting of the company.
Stockholders of Squarespace are encouraged to contact Johnson Fistel to discuss their legal rights in this matter. You can click or copy and paste the following link to join this investigation:
https://www.johnsonfistel.com/investigations/squarespace
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