Silver Lake’s $12.5 Billion Qualtrics Deal Draws Challenge (1)

Former investors in Qualtrics International Inc. are challenging its $12.5 billion private equity sale by German software giant SAP SE to affiliates of Silver Lake Group LLC.

Two ex-shareholders sued SAP, its CEO, and members of its board in Delaware, saying they spurned a higher bid when they engineered a lopsided deal that prioritized their own interest in maintaining a lucrative partnership between the survey company and its now-former controlling stockholder.

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By the time formal deal negotiations began in January, they were “already rife with unmitigated conflicts” that ...