We are investigating the fairness of the price of $44.00 per share in cash for which Squarespace, Inc. (NYSE: SQSP) (“Squarespace”) has agreed to be sold to Permira, a global private equity firm. The sales price is below the price targets for Squarespace of at least four Wall Street analysts (source: TipRanks).
If you remain a Squarespace 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 May 13, 2024, Squarespace announced that it had agreed to be sold to Permira for $44.00 per share in cash upon the recommendation of the purportedly independent and disinterested members of a Special Committee of Squarespace’s board of directors.
“We are investigating whether the Squarespace Board of Directors acted in the best interests of Squarespace shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the members of the Special Committee were truly independent and disinterested, whether the price agreed upon is fair to Squarespace shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, Squarespace’s CEO and largest shareholder, Anthony Casalena, is rolling over a substantial majority of his existing equity and will continue to lead Squarespace. Long-term Investors General Atlantic and Accel are also re-investing their equity as part of the go-private agreement. The opportunity to re-invest is not being made available to other public Squarespace shareholders.
Further, the sales price of $44.00 per share is below the price target for Squarespace of at least four Wall Street analysts:
- $50.00 per share of Siti Panigrahi of Mizuho Securities
- $46.00 per share of Ygal Arounian of Citi
- $45.00 per share of Andrew Boone of JMP Securities
- $45.00 per share of Clarke Jeffries of Piper Sandler