Deals
BJ’s Wholesale Sued by Investor Over $2.8 Billion Takeover
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BJ’s Wholesale Club Inc., the third-largest U.S. warehouse-club chain, was sued by an investor claiming its proposed $2.8 billion takeover price is “grossly inadequate”.
Leonard Green & Partners LP is acquiring the company at a “substantial” discount to its true value and BJ’s directors locked up the deal by agreeing to “impermissible” deal-protection devices, lawyers for shareholder Maxine Phillips said in the complaint filed yesterday in Delaware Chancery Court. Phillips is seeking to represent all BJ’s shareholders in her bid to bar the deal.