A law firm has launched an investigation into the acquisition price of Assertio Holdings Inc. (ASRT), but the probe appears to cite an offer price that has since been increased by more than 21 percent. The current all-cash deal from Garda Therapeutics is valued at $21.80 per share, not the $18.00 figure mentioned in the law firm's announcement.
Law firm Kahn Swick & Foti, LLC announced it is investigating the proposed sale of Assertio Holdings Inc. to Garda Therapeutics, though the basis for its inquiry appears to be an outdated offer of $18.00 per share, not the enhanced $21.80 all-cash offer the companies agreed to on May 1.
"KSF is seeking to determine whether this consideration and the process that led to it are adequate," the law firm, whose partners include a former Louisiana Attorney General, said in a statement regarding the Assertio deal.
The firm's investigation focuses on an $18.00 per share cash consideration plus a contingent value right. However, on May 4, Assertio announced it had entered into an amended merger agreement that raised Garda’s all-cash tender offer to $21.80 per share. The revised deal values the transaction at approximately $153.2 million and represents a 63.1 percent premium to Assertio’s unaffected share price from March 20, 2026.
The enhanced offer, which followed a "window-shop" period that included a superior proposal, was unanimously backed by Assertio’s board and is expected to close in the second quarter of 2026. The most recent analyst rating on the stock is a Hold with an $18.05 price target, notably below the current acquisition price. Kahn Swick & Foti frequently investigates the adequacy of merger considerations, with recent examples including the sales of Dominion Energy (D), UniFirst Corp. (UNF), and LiveRamp Holdings (RAMP).
Assertio is a pharmaceutical company focused on the oncology market, with its core product being Rolvedon. The investigation is unlikely to derail the acquisition given the board's unanimous support for the higher, amended price. For shareholders, the primary focus remains the successful completion of the tender offer and merger, expected to deliver a significant cash premium before the end of the second quarter.
This article is for informational purposes only and does not constitute investment advice.
