Skip to content
Subscriber Only

LSI Board Sued Over Avago’s $6.6 Billion Takeover Offer

LSI Corp.’s directors didn’t get the best price for the computer chipmaker in a $6.6 billion takeover by Avago Technologies Ltd. and structured the deal to unfairly bar competing bids, an investor said in a lawsuit.

The board of LSI, a maker of storage chips, is improperly favoring Avago’s $11.15-a-share cash offer by agreeing not to release other potential bidders from past confidentiality and standstill agreements, the investor, a Florida pension fund, said in a Delaware Chancery Court lawsuit.