EnergySolutions Sued by Investor Over Energy Capital Bid
EnergySolutions Inc. (ES), which services nuclear reactors, was sued by an investor who says the stock is undervalued in a proposed $3.75-a-share takeover offer by Energy Capital Partners II LLC.
Lawyers for Terry Printz contend that directors have a duty to get the best price for the shares, and that EnergySolutions is worth more than the total $1.1 billion offer, according to a complaint made public today in Delaware Chancery Court in Wilmington.
“The proposed transaction is unfair and grossly inadequate because, among other things, the intrinsic value of EnergySolutions common stock is materially in excess of the amount offered given the company’s recent financial performance,” plaintiff’s lawyers said in court papers.
Printz is asking a judge to award the suit group status on behalf of all outside shareholders, to stop the transaction under its present terms and to award unspecified damages and legal fees.
Salt Lake City-based EnergySolutions rose 2 cents to $3.83 in New York Stock Exchange composite trading at 1:03 p.m.
Mark Walker, a spokesman for EnergySolutions, said in an e- mailed statement that the company would have no comment on the lawsuit.
The case is Printz v. Rogel and EnergySolutions, CA8203, Delaware Chancery Court (Wilmington).
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