American Science Sued by Shareholders Over Merger Bid - (via NewsPoints Desk)
July 11, 2016
Tags: NewsPoints American Science OSI United States Corporate Affairs Mergers &
A group of American Science & Engineering Inc. shareholders, filed a lawsuit in Delaware Chancery Court attempting to block the $260 million purchase of the company by OSI Systems.
The shareholders accuse ASEI’s board of breach of fiduciary duties, arguing
that the purchase price of $37 per share is insufficient in light of the company's growth
prospects and that deal-protection clauses in the merger agreement preclude other
companies from submitting successful competing offers. In addition, shareholders are
challenging the company's cutting of dividends while the merger is pending in order to
save cash for OSI Systems, as well as personal benefits senior management is receiving
American Science did not immediately respond to requests for a comment.
To contact the law firm handling the matter on behalf of shareholders of
American Science for more information call toll free 800.511.7037
Shareholders have until July 15, 2016 to notify the law firm to include their shares.