SQSP - SQSP Alert: Monsey Firm of Wohl & Fruchter Investigating Fairness of the Sale of Squarespace to Permira
MONSEY, N.Y., May 13, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the price of $44.00 per share in cash for which Squarespace, Inc. (NYSE: SQSP) (“Squarespace”) has agreed to be sold to Permira, a global private equity firm. The sales price is below the price targets for Squarespace of at least four Wall Street analysts (source: TipRanks).
If you remain a Squarespace shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/squarespace/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com .
Why is there an investigation?
On May 13, 2024, Squarespace announced that it had agreed to be sold to Permira for $44.00 per share in cash upon the recommendation of the purportedly independent and disinterested members of a Special Committee of Squarespace’s board of directors.
“We are investigating whether the Squarespace Board of Directors acted in the best interests of Squarespace shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the members of the Special Committee were truly independent and disinterested, whether the price agreed upon is fair to Squarespace shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, Squarespace’s CEO and largest shareholder, Anthony Casalena, is rolling over a substantial majority of his existing equity and will continue to lead Squarespace. Long-term Investors General Atlantic and Accel are also re-investing their equity as part of the go-private agreement. The opportunity to re-invest is not being made available to other public Squarespace shareholders.
Further, the sales price of $44.00 per share is below the price target for Squarespace of at least four Wall Street analysts:
- $50.00 per share of Siti Panigrahi of Mizuho Securities
- $46.00 per share of Ygal Arounian of Citi
- $45.00 per share of Andrew Boone of JMP Securities
- $45.00 per share of Clarke Jeffries of Piper Sandler
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com , to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com