WILMINGTON, Del.--(BUSINESS WIRE)--Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of CommerceHub, Inc. (NASDAQGM: CHUBA, CHUBK) (“CommerceHub” or the “Company”) relating to the sale of the Company to affiliates of private equity firms GTCR and Sycamore Partners. On March 6, 2018, the parties announced the signing of a definitive merger agreement pursuant to which GTCR and Sycamore Partners will acquire CommerceHub in a merger worth $1.1 billion. As a result of the buyout, CommerceHub shareholders are only anticipated to receive $22.75 per share in cash in exchange for each share of CommerceHub.
Andrews & Springer’s investigation so far has revealed that the consideration CommerceHub shareholders are expected to receive is inadequate. The $22.75 per share consideration is also below CommerceHub’s December 18, 2017 closing price of $23.43 per share. In addition, while the Company claims that shareholders will receive a premium for their shares, the deal consideration is significantly less than the $28.00 and $27.00 price targets set by analysts at Northland Capital Markets and Dougherty & Company LLC on March 1, 2018, just five (5) days before the merger was announced. Since the announcement of the merger, an analyst at William Blair has even stated that “At first glance, the acquisition price is below what we would have expected CommerceHub to sell for. Series A shares have traded above the $22.75 level a couple of times over the past six months. . . .” according to a report issued on March 6, 2018.
If you own shares of CommerceHub and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/commercehub-class-action-investigation/ or contact Craig J. Springer, Esq. at firstname.lastname@example.org, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
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