Shareholder Tries To Bar $640M Bid For Internet Brands

Law360, New York (October 14, 2010, 7:31 PM EDT) -- An Internet Brands Inc. shareholder has launched a putative class action aiming to halt the company's $640 million deal with private equity firm Hellman & Friedman Capital Partners VI LP, saying the price does not reflect the company's future worth.

Plaintiff John Norton said that Internet Brands' management had breached its fiduciary duty by accepting the “grossly inadequate” offer, and alleged it made the deal to enrich itself and minority owner Idealab Holdings LLC, according to a complaint filed Wednesday in the Delaware Chancery Court....
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