An investigation on behalf of investors of SciQuest, Inc. (NASDAQ:SQI) in connection with the proposed takeover was announced and NASDAQ:SQI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/08/2016 -- An investigation on behalf of investors, who currently hold shares of SciQuest, Inc. (NASDAQ:SQI), was announced over the takeover of SciQuest, Inc. by affiliates of Accel-KKR for $17.75 per share.
Investors who purchased shares of SciQuest, Inc. (NASDAQ:SQI) and currently hold any of those NASDAQ:SQI shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of SciQuest, Inc. breached their fiduciary duties owed to NASDAQ:SQI investors in connection with the proposed acquisition.
On May 31, 2016, SciQuest, Inc. (NASDAQ:SQI) announced that it has entered into an agreement to be acquired by affiliates of Accel-KKR for $17.75 per share in cash, representing a total equity value of approximately $509 million.
However, given that at least one analyst has set the high target price for NASDAQ:SQI shares at $19.50 per share, the investigation concerns whether the offer is unfair to NASDAQ:SQI stockholders. More specifically, the investigation concerns whether the SciQuest Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
SciQuest, Inc. reported that its annual Total Revenue rose from $90.23 million in 2013 to $105.35 million in 2015 and that its Net Loss of $4.73 million in 2013 turned into a Net Income of $1.86 million in 2015.
Shares of SciQuest, Inc. (NASDAQ:SQI) reached in early 2014 as high as $30.41 per share.
On June 1, 2016, NASDAQ:SQI shares closed at $17.70 per share.
Those who are current investors in SciQuest, Inc. (NASDAQ:SQI) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com