Shareholder Lawyers Probe $7 Mister Car Wash Take-Private by Leonard Green
The controlling shareholder holds about 67% of the company, enabling the deal to proceed without a minority vote.
Overview
- Halper Sadeh, Levi & Korsinsky, Kessler Topaz, and Kaskela Law announced investigations into the transaction this week and are soliciting investor contacts.
- The agreement calls for $7.00 in cash per share to cash out public holders, with Mister Car Wash to be taken private by Leonard Green & Partners.
- Kessler Topaz alleges potential breaches of fiduciary duty by the board and the controlling stockholder related to the deal's process and price.
- Investigating firms cite analyst targets above $8 and a recent 52-week high near $8.60 to question whether $7.00 undervalues the company.
- The firms say possible remedies include increased consideration, additional disclosures, or other shareholder relief, and they offer no-cost consultations to current investors.