Shareholder Suit Seeks To Halt MAM-Emera Merger

Law360, New York (April 19, 2010, 3:07 PM EDT) -- Maine & Maritimes Corp. shareholders have filed a putative class action seeking to prevent the company from merging with a subsidiary of energy and services firm Emera Inc.

The complaint, lodged Friday in the U.S. District Court for the District of Maine, alleged that the sale process was defective and that the Emera subsidiary bought MAM for the unfair price of $75 million, or $45 a share.

“Given the company’s future prospects, the consideration shareholders are to receive is inadequate,” the complaint said. It named MAM,...
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