Halper Sadeh Challenges KalVista’s $27 Cash Deal, Seeks Higher Consideration
KALV•Halper Sadeh LLC is investigating KalVista Pharmaceuticals’ sale to Chiesi Group for $27 per share in cash, alleging potential breaches of fiduciary duty and terms that may restrict competing offers. Shareholders could seek increased consideration or additional disclosures on a contingent fee basis, with no upfront legal costs.
1. Transaction Overview
KalVista Pharmaceuticals has entered into an agreement to sell the company to Chiesi Group for $27.00 per share in cash, providing a defined exit value for shareholders once the deal closes.
2. Legal Challenge
Halper Sadeh LLC alleges that the proposed sale contains deal provisions potentially disadvantaging ordinary shareholders and may constitute breaches of the board’s fiduciary duties by limiting superior competing offers.
3. Shareholder Options
Shareholders are invited to discuss their rights on a contingent fee basis, allowing them to pursue higher deal consideration or additional disclosures without incurring upfront legal costs.
4. Potential Impact
A successful challenge could result in increased cash consideration for shareholders or amendments to deal terms, but may also delay the transaction’s completion and affect expected timing of returns.
