NEW
YORK, July 5, 2023 /PRNewswire/ -- Shareholder
rights law firm Julie & Holleman LLP is investigating the
proposed $7 billion acquisition of
Focus Financial Partners Inc. (NASDAQ: FOCS) by private equity firm
Clayton, Dubilier & Rice, LLC ("CD&R"). The firm is
concerned about the price being offered as well as potential
conflicts of interest.
For a no-cost consult and to learn more about our investigation,
please click here.
Focus Financial is a leading partnership of independent,
fiduciary wealth management firms. The company went public in 2018
through an initial public offering. Both before and after the
company's IPO, Focus Financial's largest shareholder has been Stone
Point Capital LLC, a Greenwich,
Connecticut-based investment firm.
On February 27, 2023, Focus
Financial, CD&R, and Stone Point
announced that CD&R had agreed to acquire the company for
$53 per share in cash, which values
the company at approximately $7
billion. As part of the deal, Stone Point Capital has agreed
to "roll over" some of its shares into the post-merger company.
This presents potential conflicts of interest.
On June 12, 2023, Focus Financial
filed a proxy statement with the SEC regarding the upcoming
shareholder vote. The proxy shows that one of the board's financial
advisors valued the company as much as $63.12 per share, far more than the $53 per share deal price. The deal price is also
less than the $68 per share the
company's stock traded at less than a year ago.
A shareholder vote on the deal is scheduled for July 15, and the deal is expected to close
shortly thereafter.
If you would like more information about Julie & Holleman's
investigation, or about the acquisition in general, please contact
W. Scott Holleman by email at
scott@julieholleman.com or by telephone at (929) 415-1020. You may
also visit the firm's website by clicking here.
Julie & Holleman is a boutique law firm that focuses on
shareholder litigation, including derivative actions, mergers and
acquisitions cases, securities fraud class actions,
and corporate investigations. The firm's attorneys litigate in
state and federal courts across the nation and have helped secure
hundreds of millions of dollars for aggrieved companies and their
shareholders. For more information about the firm, please visit
https://www.julieholleman.com/. This notice may constitute attorney
advertising.
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SOURCE Julie & Holleman LLP