An ATS Corp. shareholder sued the company’s directors for spurning higher takeover offers than the one from Salient Federal Solutions Inc.
Two unidentified parties offered to pay more than the $3.20 a share proposed by Salient, ATS said in U.S. Securities and Exchange Commission filings. ATS failed to explore one bid of $3.35 a share, shareholder Stourbridge Investments LLC said in the complaint made public today in Delaware Chancery Court in Wilmington.
ATS, a McLean, Virginia-based provider of software to U.S. government agencies, disclosed the planned merger on Feb. 21. The deal, valued at about $73 million, will be financed with Fairfax, Virginia-based Salient’s equity-capital commitments and debt financing, the companies said.
The deal is unfair, inadequate and serves no legitimate business purpose for ATS, Stourbridge said in court papers.
Penny Parker, a spokeswoman for ATS, didn’t immediately return a phone call seeking comment on the lawsuit.
The case is Stourbridge Investments LLC v. Bersoff, CA7300, Court of Chancery of the State of Delaware (Wilmington).