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If you purchased shares of SciQuest, Inc. (NASDAQ:SQI) and currently hold any of those NASDAQ:SQI shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
June 6, 2016 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of SciQuest, Inc. (NASDAQ:SQI), was announced concerning whether the takeover of SciQuest, Inc. by affiliates of Accel-KKR for $17.75 per shareis unfair to NASDAQ:SQI stockholders.
The investigation by a law firm concerns whether certain officers and directors of SciQuest, Inc. breached their fiduciary duties owed to NASDAQ:SQI investors in connection with the proposed acquisition.
On May 31, 2016, SciQuest, Inc. (NASDAQ:SQI) announced that it has entered into an agreement to be acquired by affiliates of Accel-KKR for $17.75 per share in cash, representing a total equity value of approximately $509 million.
However, given that at least one analyst has set the high target price for NASDAQ:SQI shares at $19.50 per share, the investigation concerns whether the offer is unfair to NASDAQ:SQI stockholders. More specifically, the investigation concerns whether the SciQuest Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
SciQuest, Inc. reported that its annual Total Revenue rose from $90.23 million in 2013 to $105.35 million in 2015 and that its Net Loss of $4.73 million in 2013 turned into a Net Income of $1.86 million in 2015.
Shares of SciQuest, Inc. (NASDAQ:SQI) reached in early 2014 as high as $30.41 per share.
