Yahoo on Nov. 1 agreed to acquire New York-based Interclick for $9 a share, a 22 percent premium at the time. Some shareholders sued Interclick directors in Delaware Chancery Court and state court in New York, saying the price was too low.
“As part of the settlement, all of the defendants deny all allegations of wrongdoing,” according to a Dec. 5 report to the U.S. Securities and Exchange Commission.
The parties signed a memorandum of understanding Dec. 4 to settle the cases in exchange for “certain supplemental disclosures” about the buyout process, according to court papers. The accord requires approval from a Delaware judge.
“The settlement will not affect the amount of consideration to be paid” in the deal, Yahoo told the SEC.
Yahoo, based in Sunnyvale, California, began a cash tender offer for Interclick’s stock last month. Absent an extension, the offer will expire Dec. 13, the buyer said in a statement.
The lead Delaware case is Whaley v. Brauser and Interclick Inc., CA7038-VCG, Delaware Chancery Court (Wilmington).
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