WILMINGTON, Del., Oct. 24, 2022 (GLOBE NEWSWIRE) — Andrews & Springer LLCa boutique securities class action law firm focused on representing shareholders nationwide is investigating a possible breach of fiduciary duty claims against the board of BTRS Holding, Inc. BTRS (formerly known as Billtrust) (“Billtrust” or the “Company”) in connection with the sale of the Company to EQT Private Equity (“EQT”). On September 28, 2022, the two parties announced the signing of a definitive merger agreement under which EQT will acquire Billtrust in a $1.7 billion merger. As a result of the merger, Billtrust shareholders are expected to receive only $9.50 per share in cash in exchange for each share of Billtrust.
Andrews & Springer’s investigation to date has determined that the expected consideration for Billtrust shareholders is fair. While the company claims that shareholders will receive a premium for their shares, the merger price is 26% below the $13.00 per share price target that Canaccord Genuity set in August 2022, just a month before the merger announcement . The consideration is also below Billtrust’s 52-week high of $11.01 per share. Our firm’s investigation also found that the process leading to the merger announcement appears to have significant conflicts of interest, rendering the process and consideration unfair.
If you own Billtrust stock and would like more information and want to protect your investments for free, please visit us at http://www.andrewsspringer.com/cases-investigations/btrs-merger-class-action-investigation/ or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll-free at 1-800-423-6013. You can also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llcTwitter – www.twitter.com/AndrewsSpringer or Facebook- www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique class of securities…
