We are investigating whether the directors of Duck Creek Technologies, Inc. (Nasdaq: DCT) (“Duck Creek”) acted in the best interests of Duck Creek shareholders in approving the sale of Duck Creek to Vista Equity Partners (“Vista”) for $19.00 per share in cash.
If you remain a Duck Creek shareholder and have questions about your legal rights, you may contact our firm to discuss your options at no charge by submitting the form below.
Why is there an investigation?
On January 9, 2023, Duck Creek announced that it had agreed to be acquired by Vista for $19.00 per share in cash. The agreement has been approved by the Duck Creek board of directors (“Board”).
“Our investigation concerns whether Duck Creek’s Board acted in the best interests of Duck Creek shareholders in approving the sale,” explained Joshua Fruchter, one of the firm’s name partners. “This includes whether the acquisition price adequately compensates Duck Creek shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, according to an analysis of Wall Street price targets for DCT in the last 90 days published on Seeking Alpha, there is a high price target for DCT of $22.00 per share, which is above the deal price.
The deal price is also well below the 52-week high of $30.32 per share, which suggests that Vista is taking advantage of the temporary market downturn to acquire Duck Creek at an unfair price.