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Case Status:    DISMISSED    
On or around 10/31/2018 (Notice of voluntarily dismissal)

Filing Date: September 27, 2018

According to the Complaint, Essendant Inc. ("Essendant" or the "Company") is a leading national distributor of workplace items and provides access to a broad assortment of over 170,000 items, including janitorial and breakroom supplies, technology products, traditional office products, industrial supplies, cut sheet paper products, automotive products and office furniture.

On September 14, 2018, Essendant issued a press release announcing the Proposed Transaction, under which an affiliate of Staples, Inc., the world's largest office solutions provider, will acquire all of the outstanding shares of Essendant common stock for $12.80 per share in cash, or a transaction value of $996 million including net debt.

The Complaint alleges that on September 24, 2018, in order to convince Essendant shareholders to tender their
shares, the Board authorized the filing of a materially incomplete and misleading Schedule 14D-9 Solicitation/Recommendation Statement (the “Recommendation Statement”) with the SEC. The Complaint alleges that in particular, the Recommendation Statement contains materially incomplete and misleading information concerning: (i) the background to the Proposed Transaction; (ii) the valuation analyses performed by the Company’s financial advisor in support of its fairness opinion; and (iii) the conflicts of interest the Company's financial advisor faced as a result of its ongoing dealings with Essendant, Staples and certain affiliates.

This case was voluntarily dismissed on October 31, 2018.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Paper & Paper Products
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ESND
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Delaware
DOCKET #: 18-CV-01506
JUDGE: Hon. Maryellen Noreika
DATE FILED: 09/27/2018
CLASS PERIOD START: 09/14/2018
CLASS PERIOD END: 09/27/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cooch & Taylor, P.A.
    The Brandywine Building; 1000 West Street, 10th Floor, Cooch & Taylor, P.A., DE 19801
    302.984.3800 302.984.3939 ·
  2. Monteverde & Associates PC
    350 Fifth Avenue, 59th Floor, Monteverde & Associates PC, NY 10118
    (212) 971-1341 ·
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available