Golub Capital BDC Inc. and the individual members of its board are facing a putative shareholder class action related to its pending acquisition of Golub Capital Investment Corp.
The lawsuit filed Aug. 12 by Stephen Bushansky in the Supreme Court of the State of New York, County of New York alleges breach of fiduciary duty claims against Golub Capital BDC and its board.
Bushansky alleges, among other things, that Golub Capital BDC's definitive proxy statement included in the prospectus filed with the Securities and Exchange Commission on July 15 omitted certain information that he claims is material.
He asked the court to stop the deal unless Golub Capital BDC's board causes the company to make additional disclosures.
While the defendants believe the claims are meritless and will vigorously defend against the allegations, Golub Capital BDC said it determined to voluntarily supplement the proxy statement to reduce the costs, risks and uncertainties inherent in litigation.
Golub Capital BDC said the supplemental disclosures will not affect the consideration it will pay in connection with the merger.
