A Billtrust investor is challenging its planned $1.7 billion sale to EQT Fund Management Sarl, claiming EQT is illegally pushing the deal without the required shareholder approvals.
The proposed class action, filed Monday, targets Billtrust, founder Flint Lane, members of its board, EQT affiliates, and Bain Capital Venture Investors LLC, which allegedly holds about 17% of the company’s stock. Lane allegedly owns roughly 16% of Billtrust, a payments company formally known as BTRS Holdings Inc.
The lawsuit in Delaware’s Chancery Court accuses Lane of working with Bain and EQT, a Luxembourgian venture firm, to bypass a state anti-takeover law ...
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