NEW YORK, NEW YORK., August 18, 2015 — Melwani & Chan, LLP, a boutique law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Zulily (NASDAQ: ZU) relating to the sale of the Company to Liberty Interactive Corporation (“Liberty”) (NASDAQ:QVAC). On August 17, 2015, the companies announced the signing of a definitive merger agreement pursuant to which Liberty will acquire Zulily in a merger via a tender offer in a deal worth roughly $18.75/share.
Our investigation so far has revealed that the consideration Zulily shareholders are expected to receive is inadequate. Though a 50% premium to August 14th, closing price, the apparent “large” premium is really not generous as the stock was trading near post-IPO lows. The company went public in November 2013 at $22.00 per share, and prior to today, it’s average closing price as a public company was $21.38, 14% greater than the cash and stock offer.
Melwani & Chan is also investigating whether Zulily directors are breaching their fiduciary duties by failing to adequately shop the company and maximize shareholder value.
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SOURCE Melwani & Chan, LLP