PowerSchool Holdings, Inc. (NYSE: PWSC)
Shareholder rights firm Julie & Holleman LLP is investigating the proposed $5.6 billion acquisition of PowerSchool Holdings, Inc. (NYSE: PWSC), by private equity firm Bain Capital. Julie & Holleman has already uncovered several conflicts of interest.
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Additional Information:
PowerSchool is a leading provider of cloud-based software for K-12 education in North America. The company’s two largest shareholders are private equity firms Vista Equity Partners and Onex Partners, who together own a majority of PowerSchool’s stock and voting power.
On June 7, 2024, PowerSchool announced that it had agreed to be acquired by Bain for $22.80 per share in cash. The deal is expected to close in the second half of 2024.
Julie & Holleman, whose attorneys have helped secure hundreds of millions of dollars for shareholders, is concerned about the inadequate deal price. The $22.80 per share deal price is less than what the company’s stock was trading at earlier this year, less than the average Wall Street analyst stock price target of $24.57 per share, and well below the high-end price target of $30 per share. In addition to the low price, Julie & Holleman is also concerned about conflicts of interest—PowerSchool’s biggest shareholders, Vista and Onex, are “rolling over” shares into the post-close company while public shareholders are being cashed out.