Merrion Investment Management Co. said Thursday it opposes the proposed $8.4 billion buyout deal for Avalara Inc. AVLR, +0.06% at $93.50 a share. Merrio, which owns 31,925 shares of Avalara with a value of about $3 million, said the Aug. 8 deal is not necessary because the company “is perfectly capable of remaining independent and has many years of profitable growth ahead.” The investment firm said Avalara’s decision to conduct an auction “in a depressed and volatile macroeconomic market seems ill-advised” and that the price of $93.50 a share “appears completely devoid of any control premium appropriate in this situation.” Shares of Avalara are down 28% in 2022, compared to a 25.1% drop by the Nasdaq COMP, -0.37%.
