.. AboveNet, was sued by a shareholder claiming the offer for the company is “inadequate.”
The bid undervalues the company given its improving sales trends and a strategy, the shareholder said in the complaint filed today in Delaware Chancery Court. The plaintiff is seeking to represent all shareholders of and obtain a court order barring the transaction.
“The proposed transaction is wrongful, unfair and harmful to AboveNet public shareholders,” as was said in the complaint.
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