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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Web.com Group, Inc. (NASDAQGS: WEB) to an affiliate of Siris Capital Group, LLC for for $28.00 per share. This updated purchase price follows receipt of a superior proposal from a financial bidder, Sirius agreeing to match following negotiations, and approval by the board of directors of an amended and restated merger agreement.
The investigation concerns whether the Board of Web.com breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Siris Capital Group, LLC is underpaying for Web.com shares, thus unlawfully harming Web.com shareholders.
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