NEW
YORK, April 28, 2023 /PRNewswire/ -- Shareholder
rights law firm Julie & Holleman LLP is investigating the
proposed $8.50 per share
($4.6 billion) acquisition of Cvent
Holdings Corp. (Nasdaq: CVT) by affiliates of private equity firm
Blackstone Inc. The firm is concerned about the price being offered
as well as potential conflicts of interest.
For a free consultation and to learn more about our
investigation, click here.
Cvent is a leading meetings, events, and hospitality technology
provider with more than 4,800 employees and over 21,000 customers
worldwide as of September 30, 2022.
In 2016, private equity firm Vista Equity Partners acquired the
company for $1.3 billion. And in
2021, Vista took Cvent public through a "de-SPAC" transaction that
valued the company at $5.3 billion.
Since then, Cvent has continued to make strides in executing its
business strategy, but recent economic conditions have forced the
company's stock price downward.
On March 14, 2023, Cvent announced
that Blackstone agreed to acquire the company for $4.6 billion, less than the de-SPAC price. As
part of the deal, members of Cvent's management and Vista may
continue to participate in the company's upside either through a
share "roll over" or new investment. Cvent management is also
expected to stay on with the company. These present myriad
potential conflicts of interest.
On April 21, 2023, Cvent filed a
preliminary proxy statement in connection with the shareholder vote
on the merger. The proxy shows that one of the board's financial
advisors valued the company as much as $11.40 per share, far more than the $8.50 per share deal price.
The deal is expected to close mid-2023.
If you would like more information about Julie & Holleman's
investigation, please contact W. Scott
Holleman at scott@julieholleman.com or (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.
CONTACT INFORMATION
Julie & Holleman LLP
W. Scott Holleman, Esq.
157 East 86th Street
4th Floor
New York, NY 10028
(929) 415-1020
www.julieholleman.com
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SOURCE Julie & Holleman LLP