ACL Shareholders Sue Over $777M Merger Offer

Law360, New York (October 25, 2010, 2:02 PM EDT) -- American Commercial Lines Inc. has been hit with a proposed shareholder class action that claims a $777 million merger offer from an affiliate of Platinum Equity LLC undervalues the marine transportation and services company.

Shareholder Leonard Becker filed a complaint Friday in the Court of Chancery of the State of Delaware against ACL, its board, Platinum Equity and the private equity firm's affiliates Finn Holding Corp. and Finn Merger Corp.

The suit claims Platinum Equity's $33 per share offer announced earlier in October undervalues ACL stock,...
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