MONSEY, N.Y., March 14, 2023 (GLOBE NEWSWIRE) — The law firm of Wohl & Fruchter LLP is investigating the fairness of the $8.50 per share in cash at which Cvent Holding Corp. (Nasdaq: CVT) (Cvent) is being sold to Blackstone.
If you remain a Cvent shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your options at no charge:
Alternatively, you may contact us by phone at 866-833-6245, or via email at [email protected].
Why is there an investigation?
On March 14, 2023, Cvent announced that it has agreed to be acquired by Blackstone for $8.50 per share in cash. The sale has been approved by the Cvent board of directors (Board).
“We are investigating whether the Cvent Board acted in the best interests of Cvent shareholders in approving the sale,” explained Joshua Fruchter, one of the law firm’s name partners. “This includes whether the price agreed upon is fair to Cvent shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, according to an analysis of Wall Street price targets for Cvent in the last 90 days published on Seeking Alpha, there is a high price target of $11.00 per share, which indicates that at least one Wall Street analyst thinks the deal price is too low.
Additionally, Vista Equity Partners, a majority stockholder of Cvent, has agreed to invest a portion of its proceeds as non-convertible preferred stock in financing for the deal. The opportunity to share in the future growth of Cvent is not being made available to other public stockholders.
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245