SendGrid, Inc. (NYSE: SEND) Investor Investigation Over Possible Wrongdoing In Takeover Announced

Investors who purchased shares of SendGrid, Inc. (NYSE: SEND) and currently hold any of those NYSE: SEND shares have certain options and should contact the Shareholders Foundation, Inc.

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An investigation on behalf of investors, who currently hold shares of SendGrid, Inc. (NYSE: SEND), was announced concerning whether the takeover of SendGrid, Inc. by Twilio is unfair to NYSE: SEND stockholders.

The investigation by a law firm concerns whether certain officers and directors of SendGrid, Inc. breached their fiduciary duties owed to NYSE: SEND investors in connection with the proposed acquisition.

Denver, CO based SendGrid, Inc. operates as a digital communication platform in the United States and internationally. Its cloud-based platform provides various tools to the businesses, including developers and marketers to reach their customers using an email.

On October 15, 2018, Twilio (NYSE: TWLO) and SendGrid announced that they have entered into an agreement for Twilio to acquire SendGrid in an all-stock transaction valued at approximately $2 billion. Under the terms of the transaction, Twilio Merger Subsidiary, Inc., a Delaware corporation and a wholly-owned subsidiary of Twilio, will be merged with and into SendGrid, with SendGrid surviving as a wholly-owned subsidiary of Twilio. At closing, each outstanding share of SendGrid common stock will be converted into the right to receive 0.485 shares of Twilio Class A common stock, which represents a per share price for SendGrid common stock of $36.92 based on the closing price of Twilio Class A common stock on October 15, 2018.

However, given that at least one analyst has set the high target price for NYSE: SEND shares at $45.00 per share, the investigation concerns whether the offer is unfair to SendGrid, Inc. (NYSE: SEND stockholders. In addition, given that certain stockholders of SendGrid owning approximately 6% of the outstanding SendGrid shares have already entered into voting agreements and certain stockholders of Twilio who control approximately 33% of total Twilio voting power have entered into voting agreements, or proxies, pursuant to which they have agreed, among other things, and subject to the terms and conditions of the agreements, to vote in favor of the SendGrid acquisition and the issuance of Twilio shares in connection with the SendGrid acquisition, respectively, the investigation concerns whether the SendGrid, Inc. (NYSE: SEND Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

SendGrid, Inc. reported that its annual Total Revenue rose from $79.92 million in 2016 to $111.88 million in 2018.