Johnson Fistel, Announces Investigations of the Proposed Sale of Covetrus
SAN DIEGO- Globe Newswire—July 12, 2022
Covetrus, Inc. (NASDAQ: CVET)
Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Covetrus, Inc. breached their fiduciary duties in connection with the proposed sale of the Company to Clayton, Dubilier & Rice (CD&R) and TPG Capital.
CD&R already owns 24% of Covetrus’ outstanding shares of common stock. Under the companies’ merger agreement, announced on May 25, 2022, CD&R and TPG will acquire the remaining outstanding shares of Covetrus for $21 per share in cash.
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The investigation concerns whether the Covetrus board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Covetrus shares of common stock, especially given the Company’s projected revenue and earnings growth.
If you are a shareholder of Covetrus and believe the proposed buyout price is too low or you’re interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.