Thoma Bravo LP, QAD Inc., and its founder will pay $65 million to end shareholder litigation challenging the software company’s $2 billion take-private buyout.
The settlement, disclosed Monday in Delaware’s Chancery Court, would resolve allegations that QAD, its board, and Thoma Bravo structured the private equity firm’s 2021 acquisition to favor QAD founder Pamela Lopker, who controlled the software company through supervoting shares.
The buyout was “opportunistically timed” to exploit near-term success, making Lopker’s agreement to roll over her equity a better deal than the $87.50 a share in cash given to public investors, according to the complaint filed ...
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