NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder law firm, has launched an investigation into whether the board members of Carbonite, Inc. (NASDAQ: CARB) breached their fiduciary duties or violated the federal securities laws in connection with the company’s proposed sale to Open Text Corporation.
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On November 11, 2019, Carbonite announced that it had signed an agreement to be acquired by OpenText for $23 per share in cash, or a total of approximately $1.42 billion.
On November 25, 2019, OpenText commenced the tender offer to acquire Carbonite, and the Company filed a statement with the SEC recommending Carbonite shareholders to tender their shares. The tender offer is scheduled to expire on December 23, 2019.
Bragar Eagel & Squire is concerned that Carbonite’s board of directors oversaw an unfair process and ultimately agreed to an inadequate deal price. Indeed, Carbonite’s stock has recently traded well above the $23 per share deal price. Additionally, Carbonite received interest from other potential purchasers to Acquire Carbonite for up to $34 per share. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Carbonite stockholders.
If you own shares of Carbonite and are concerned about the proposed merger, or you’re interested in learning more about the investigation or your legal rights and remedies, please contact Brandon Walker or Alexandra Raymond by email at firstname.lastname@example.org or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.