WESTBOROUGH, Mass. — Several shareholder-rights law firms on Thursday said they were examining the private-equity takeover of BJ's Wholesale Club to see if the company acted in the best interest of investors by accepting a $2.8 billion offer.
"Our investigation concerns possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by company's board of directors; in particular, whether the company undertook a fair process to obtain fair consideration for all shareholders of BJ's," said Wayne, Pa.-based law firm Ryan and Miniskas in a prepared statement.
Several other law firms focused on shareholder rights issued similar statements. BJ's on Wednesday said it had agreed to a takeover offer by Leonard Green & Partners and CVC Capital Partners for $51.25 per share, a 6.6% premium over the previous day's trading price. Some reports indicated that the company could have been worth up to $60 per share.
A spokesperson for BJ's could not be reached for comment.