NEW YORK, NEW YORK., September 14, 2015 /globenewswire/ — 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 Solera Holdings, Inc. (NYSE: SLH) (“Solera” or the “Company”) relating to the sale of the Company to Vista Equity Partners (“Vista”). On September 13, 2015, the two companies announced the signing of a definitive merger agreement pursuant to which Vista will acquire Solera in a deal worth roughly $6.5 billion. As a result of the acquisition, Solera shareholders are only anticipated to receive $55.85 per share in cash in exchange for each share of Solera stock they own.
Our investigation so far has revealed that the consideration Solera shareholders are expected to receive is inadequate. Solera recently issued stellar earnings results last month — $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimate of $0.80. Solera earned $297.10 million during the quarter, beating consensus estimate of $287.31 million. In addition, Solera’s revenue for the quarter was up 10.9% on a year-over-year basis. The Company also had a 12-month high of $67.39.
Melwani & Chan is also investigating whether Solera’s directors are breaching their fiduciary duties by failing to adequately shop the company and maximize shareholder value. Conflicts of interests also tainted the sales process. For example, the executives of the Company are continuing their positions at the post-merger company.
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SOURCE Melwani & Chan, LLP