The proposed transaction entitles Apogee shareholders to $135.11 per share in cash. However, investigators are scrutinizing the structure of the deal, specifically citing "change of control" arrangements that allegedly provide substantial benefits to company insiders.

Beyond valuation concerns, the firm is examining the board’s decision to include significant financial penalties for accepting competing bids. These clauses may unfairly limit the potential for a superior offer, effectively narrowing the scope for rival acquisitions. Ademi LLP is currently reviewing whether this conduct prioritizes executive interests over the broader rights of investors.