NEW YORK, April 28, 2023 /PRNewswire/ — Shareholder rights law firm Julie & Holleman LLP is investigating the proposed $8.50 per share ($4.6 billion) acquisition of Cvent Holdings Corp. (Nasdaq: CVT) by affiliates of private equity firm Blackstone Inc. The firm is concerned about the price being offered as well as potential conflicts of interest.
For a free consultation and to learn more about our investigation, click here.
Cvent is a leading meetings, events, and hospitality technology provider with more than 4,800 employees and over 21,000 customers worldwide as of September 30, 2022. In 2016, private equity firm Vista Equity Partners acquired the company for $1.3 billion. And in 2021, Vista took Cvent public through a “de-SPAC” transaction that valued the company at $5.3 billion. Since then, Cvent has continued to make strides in executing its business strategy, but recent economic conditions have forced the company’s stock price downward.
On March 14, 2023, Cvent announced that Blackstone agreed to acquire the company for $4.6 billion, less than the de-SPAC price. As part of the deal, members of Cvent’s management and Vista may continue to participate in the company’s upside either through a share “roll over” or new investment. Cvent management is also expected to stay on with the company. These present myriad potential conflicts of interest.
On April 21, 2023, Cvent filed a preliminary proxy statement in connection with the shareholder vote on the merger. The proxy shows that one of the board’s financial advisors valued the company as much as $11.40 per share, far more than the $8.50 per share deal price.
The deal is expected to close mid-2023.
If you would like more information about Julie & Holleman’s investigation, please contact W. Scott Holleman at scott@julieholleman.com or (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.
CONTACT INFORMATION
Julie & Holleman LLP
W. Scott Holleman, Esq.
157 East 86th Street
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New York, NY 10028
(929) 415-1020
www.julieholleman.com
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SOURCE Julie & Holleman LLP
