UPDATE
We have renewed our investigation into the fairness of the proposed sale of Smartsheet, Inc. (NYSE: SMAR) (“Smartsheet”) to Vista Equity Partners and Blackstone for $56.50 per share in cash.
On September 24, 2024, Smartsheet announced that it had agreed to be sold to Vista Equity Partners and Blackstone for $56.50 per share in cash.
On November 4, 2024, Smartsheet filed a definitive proxy concerning the proposed sale with the SEC.
Based on our review of the proxy, we have renewed our investigation into whether there are any undisclosed potential conflicts of interest.
If you remain a Smartsheet shareholder and question the fairness of the price, you may contact our firm to discuss your legal rights at no charge by completing and submitting the form below.
ORIGINAL ANNOUNCEMENT
We are investigating the fairness of the proposed sale of Smartsheet, Inc. (NYSE: SMAR) (“Smartsheet”) to Vista Equity Partners and Blackstone for $56.50 per share in cash. The sales price is below the price target for Smartsheet of numerous Wall Street analysts (source: TipRanks).
If you remain a Smartsheet shareholder and question the fairness of the price, 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 September 24, 2024, Smartsheet announced that it had agreed to be sold to Vista Equity Partners and Blackstone for $56.50 per share in cash.
Notably, according to TipRanks, the sales price of $56.50 per share is below the price target for Smartsheet of numerous Wall Street analysts, including:
- Steve Enders at Citi ($63.00 per share)
- John Difucci at Guggenheim ($62.00 per share)
- Shebly Seyrafi at FBN Securities ($60.00 per share)
- Pinjalim Bora at J.P. Morgan ($60.00 per share)
- David Hynes at Canaccord Genuity ($60.00 per share)
- Michael Berg at Wells Fargo ($60.00 per share)
“We are investigating whether the Smartsheet Board of Directors acted in the best interests of Smartsheet shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Smartsheet shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”