According to the Complaint, Benefytt Technologies, Inc. is a health insurance technology company that primarily engages in the development and operation of private e-commerce health insurance marketplaces, consumer engagement platforms, agency technology systems, and insurance policy administration platforms.
This action stems from a proposed transaction announced on July 13, 2020, pursuant to which Benefytt Technologies, Inc. will be acquired by funds affiliated with Madison Dearborn Partners, LLC.
On July 12, 2020, Benefytt’s Board of Directors caused the Company to enter into an agreement and plan of merger with Daylight Beta Parent Corp. (“Parent”) and Daylight Beta Corp. (“Merger Sub,” and together with Parent, “Daylight”). Pursuant to the terms of the Merger Agreement, Merger Sub commenced a tender offer to purchase all of Benefytt’s outstanding Class A common stock for $31.00 per share in cash. The Tender Offer is set to expire on August 20, 2020.
On July 24, 2020, Defendants filed a Solicitation/Recommendation Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Solicitation Statement omits material information with respect to the Proposed Transaction, which renders the Solicitation Statement false and misleading.
This case was voluntarily dismissed on August 14, 2020.