"In September, an eminently recognizable footwear company changed hands - and went private as a result. Specifically, 3G Capital announced its purchase of Sketchers on September 12, which also marked the end of Sketchers' days as a publicly traded company. With that deal's completion now in the rear view mirror, details are beginning to emerge about how existing Sketchers shareholders fared as a result, and it turns out that not everyone is thrilled.That's led some Sketchers stockholders to file a lawsuit."
"the suit argues that the price of $63 that 3G Capital paid Sketchers shareholders was too low, and resulted in stockholders being underpaid for their holdings.One of the issues at play here is the effect of U.S. tariff policy, which affected Sketchers' stock price as the deal was coming together. Earlier this week, Bloomberg's Sabrina Willmer reported that the same group of investors had originally sought a settlement with Sketchers."
3G Capital acquired Sketchers on September 12 and took the company private. Shareholders received $63 per share, and several investors believe that price was too low. Lawsuits followed, with hedge funds and other stockholders alleging underpayment. U.S. tariff policy affected Sketchers' stock price during the deal, which plaintiffs argue influenced the sale price. At least five separate cases are reported to be in the works. The sale was approved by the family of founder Robert Greenberg, which controls a majority of the shares, and public shareholders did not vote on the transaction.
Read at InsideHook
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