Wilmington Trust, M&T Deal Faces Shareholder Ire

Law360, New York (November 9, 2010, 2:40 PM EST) -- A shareholder of Wilmington Trust Corp. has launched a putative class action challenging its plans to merge with M&T Bank Corp. in an all-stock deal valued at approximately $351 million, claiming the price underestimates the value of the Delaware financial company.

Don Medich filed a two-count complaint Friday in the Delaware Chancery Court, accusing the directors of Wilmington Trust of breaching their fiduciary duty by failing to maximize value for shareholders.

The suit, which claims M&T aided and abetted the purported fiduciary breaches, seeks to represent...
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