FOCUS FINANCIAL PARTNERS INC. 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
