Kennedy-Wilson Holdings has agreed to a $10.90 per share cash sale to a consortium led by Chairman and CEO William McMorrow, alongside other senior executives and Fairfax Financial Holdings. The deal values all outstanding shares and is structured to close pending shareholder and regulatory approvals.

Because the transaction is led by the company’s own executives, there are concerns that the terms may favor insiders and discourage superior competing offers. Shareholders fear that limited bidding could suppress the sale price and reduce potential upside.

Investor rights firm Halper Sadeh LLC has launched an inquiry into possible breaches of fiduciary duty by the board and executives. The firm may pursue actions to obtain increased consideration, additional disclosures or other remedies on a contingent fee basis.