Robbins Geller Rudman & Dowd LLP announces an investigation into potential breaches of fiduciary duty by the directors and officers of Cvent Holding Corp. (NASDAQ: CVT) in connection with the March 14, 2023 announcement by Cvent that it had agreed to be acquired by an affiliate of private equity funds managed by Blackstone Inc. for $8.50 per share. If this leveraged buyout is consummated, Cvent common stock will be delisted from the Nasdaq Global Market and deregistered under the Securities Exchange Act of 1934.
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THE COMPANY: Cvent is an industry-leading meetings, events, and hospitality technology provider.
THE ACQUISITION: On March 14, 2023, Cvent announced that it had agreed to be acquired by Blackstone for $8.50 per share. According to that announcement, Cvent’s largest and controlling shareholder, Vista Equity Partners Management, LLC, is investing and/or providing financing along with Blackstone on the buy-side of the transaction. According to Cvent’s latest annual report, however, Vista “controls the vote of all matters submitted to a vote of [Cvent’s] Board of Directors (the ‘Board’), or shareholders, which will enable it to control . . . all other corporate decisions.” These serious potential conflicts of interest are worthy of continued investigation.
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