We are investigating the fairness of the proposed sale of AvidXchange Holdings, Inc. (Nasdaq: AVDX) (“Avid”) to TPG Global LLC (“TPG”) and Corpay, Inc. (“Corpay”) for $10.00 per share in cash.
On June 18, 2025, Avid filed a preliminary proxy statement (“Proxy”) with the SEC under Section 14(a) of the Exchange Act soliciting Avid stockholders to vote for the proposed sale at a special meeting yet to be scheduled. In our opinion, the Proxy fails to disclose all material facts relating to certain potential conflicts of interest.
If you remain an Avid shareholder and have concerns about the proposed sale, you may contact our firm to discuss your legal rights at no charge by completing and submitting the form below.
Why is there an investigation?
On May 6, 2025, Avid announced that it had agreed to be sold to TPG and Corpay for $10.00 per share in cash.
Certain members of the AvidXchange senior management team, including the Chief Executive Officer, Michael Praeger, have agreed to roll over a significant chunk of their current equity in support of the deal. No such opportunity is being made available to public stockholders.
On June 18, 2025, Avid filed the Proxy with the SEC soliciting Avid stockholders to vote for the proposed sale at a special meeting yet to be scheduled. In our opinion, the Proxy fails to disclose all material facts relating to certain potential conflicts of interest.
“We are investigating whether the Avid Board of Directors acted in the best interests of Avid shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Avid shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”