NYSE Euronext directors failed in their duty to maximize the value of the company’s stock, shareholder Samuel T. Cohen said in a lawsuit filed yesterday in Delaware Chancery Court in Wilmington.
Cohen asked the court to block the takeover under present terms, contending the offer is being made “for inadequate consideration and through a flawed process.”
IntercontinentalExchange, based in Atlanta, said yesterday that it would pay $33.12 for each share of New York-based NYSE Euronext. NYSE Euronext shareholders can choose cash, stock or a combination of the two.
Robert Rendine, a spokesman for NYSE Euronext, declined to comment on the lawsuit.
The case is Cohen v. NYSE Euronext, CA8136, Delaware Chancery Court (Wilmington).
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