Squarespace, Inc. (NASDAQ: SQSP)
Nationally recognized shareholder rights firm Julie & Holleman LLP is investigating the proposed $6.6 billion acquisition of Squarespace, Inc. (NASDAQ: SQSP), by private equity firm Permira. Julie & Holleman has already uncovered several conflicts of interest.
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Additional Information:
Squarespace is a website building and hosting company based in New York City. It provides software as a service (Saas) for website building and hosting, including for e-commerce, allowing users to use pre-built website templates and drag-and-drop elements to create and modify webpages. The company was started in 2003 by Anthony Casalena when he was a university student. Casalena remains the company’s largest shareholder and holds majority voting power.
On May 13, 2024, Squarespace announced that it had agreed to be acquired by Permira for $44 per share in cash. The deal is expected to close by the fourth quarter of 2024.
Julie & Holleman, whose attorneys have helped secure hundreds of millions of dollars for shareholders, is concerned about the inadequate deal price. The $44 per share deal price is less than the recent IPO price of $48 per share and price targets of $50 per share established by Wall Street analysts. Julie & Holleman is also concerned about conflicts of interest—Squarespace’s biggest existing shareholders, including Casalena and private equity firm General Atlantic, are “rolling over” their shares while public shareholders are being cashed out.