SCIQUEST MERGER INVESTIGATION ALERT - Andrews & Springer LLC Is Seeking More Cash for Shareholders of SciQuest, Inc.

Wilmington, Delaware, UNITED STATES


WILMINGTON, Del., June 15, 2016 (GLOBE NEWSWIRE) -- 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 SciQuest, Inc. (“SciQuest” or the “Company”) relating to the sale of the Company to private equity firm Accel-KKR. On May 31, 2016, the two parties announced the signing of a definitive merger agreement pursuant to which Accel-KKR will acquire SciQuest in a merger worth only $509 million. As a result of the merger, SciQuest shareholders are only anticipated to receive $17.75 per share in cash in exchange for each share. 

Our investigation so far has revealed that the consideration SciQuest shareholders are expected to receive is significantly inadequate. Tellingly, the consideration is well-below the $21.00 per share target price set by JMP Securities. Also, while the Company claims that shareholders will receive a “premium” for their shares, in reality this premium is below the average 51% premium in comparable mergers in the past three (3) years.

Andrews & Springer is investigating whether the SciQuest Board of Directors is breaching their fiduciary duties to shareholders and whether SciQuest’s directors have failed to maximize shareholder value.

If you own shares of SciQuest and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/sciquest-class-action-investigation or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, 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. 

Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.


        

Contact Data