Three pension funds and an investment trust sued Focus Financial Partners Inc. over fears that its planned $7 billion sale to Clayton, Dubilier & Rice LLC may have been engineered to favor private equity insiders and the company’s board.
The lawsuits, filed Thursday, seeks internal files from Focus to investigate concerns that CD&R secured the backing of Stone Point Capital LLC and the company’s board by offering to buy out certain tax benefits they held, dating to the company’s initial public offering, for more than they’re worth.
Although the $53-a-share take-private transaction appears to shortchange public investors, insiders were driven ...
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