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Ademi LLP will be investigating the sale of WWE to Endeavor for “possible breaches of fiduciary duty and other violations of law.” The firm announced the investigation on Monday.
Wrestling Inc is reporting that the investigation “asserts that not only is WWE stock being valued too low in the merger, but also that ‘[t]he transaction agreement unreasonably limits competing bids for WWE by imposing a significant penalty if WWE accepts a superior bid.’ Additionally, it asserts that ‘[w]e are investigating the conduct of WWE’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for WWE.'”
WWE and Endeavor announced on Monday morning that the company would be folded into the Endeavor portfolio and merge with UFC to create a $21 billion sports and entertainment company. Vince McMahon will serve as the executive chairman of the new company, which is unnamed at this time.
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