Forescout has filed a suit against Advent after the latter announced they no longer intend to complete the merger as planned.
“The only change since the merger agreement was jointly executed in February is the deepening of the COVID-19 pandemic, which has significantly impacted global macroeconomic conditions. All companies have been challenged by this pandemic, and it is highly disappointing that Advent would attempt to exploit market volatility to renege on its contractual obligations, particularly when the merger agreement explicitly excludes the effects of a pandemic as a material adverse event.”
Theresia Gouw, Chair of the Forescout Board
The suit comes days after Advent stated that a “material adverse effect” has occurred at Forescout.