A shareholder rights law firm, Kaskela Law LLC, announced today that it has initiated an investigation on behalf of shareholders of Global Business Travel Group, Inc. (NYSE: GBTG, also known as American Express Global Business Travel) to determine whether the proposed transaction is fair to the company's shareholders and provides adequate consideration for their shares.
This investigation follows the privatization agreement announced by Amex GBT on May 4, 2026. Under the terms of the agreement, a consortium led by Long Lake Management Holdings Inc. will acquire all outstanding shares for $9.50 per share in cash. This offer represents a 60.2% premium to the closing price of $5.93 on May 1, the last trading day before the announcement, and a 65.1% premium to the volume-weighted average price over the preceding 30 trading days. The total transaction value is approximately $6.3 billion. Funding will come from equity investments by existing Long Lake investors and Koch Equity Development, alongside $2.5 billion in committed debt financing from JPMorgan Chase, Bank of America, Citigroup, and Mitsubishi UFJ Financial Group.
The focus of Kaskela Law's investigation is whether the $9.50 per share offer fairly reflects the company's intrinsic value. Notably, at least one analyst had previously maintained a price target of $12.00 per share for GBTG, which is over 25% higher than the buyout price. Furthermore, Kaskela Law suggests the transaction involves "significant conflicts of interest," potentially rendering the sales process and the $9.50 offer unfair to Amex GBT shareholders.
The transaction has received a recommendation from a special committee of the company's board of directors and full approval from the entire board. Major shareholders holding approximately 69% of the company's shares, including American Express, Expedia, Qatar Investment Authority, and BlackRock, have signed voting support agreements. The deal is expected to close in the second half of 2026, subject to shareholder approval and regulatory clearances. Upon completion, the company's shares will be delisted and will no longer trade publicly.
As of May 26, GBTG stock was trading at $9.45, just below the offer price, with a 52-week high of $9.54. Shareholders who object to the buyout price can contact Kaskela Law by phone at (484) 229-0750 or via email at abell@kaskelalaw.com to learn more about their rights.
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