Qualcomm's $3.2B Bid For Atheros Too Cheap: Septa

Law360, New York (January 10, 2011, 12:39 PM EST) -- Philadelphia's public transportation entity has filed a putative class action claiming tech giant Qualcomm Inc.'s proposed $3.2 billion acquisition of wireless chip company Atheros Communications Inc. for $45 per share is unfair to common shareholders because the price is too low.

The Southeastern Pennsylvania Transportation Authority's suit, lodged Thursday in the Delaware Chancery Court, also names the eight-member Atheros board, including CEO Craig H. Barratt, as defendants individually, claiming they failed to adequately shop the company before going public with the deal Jan. 5.

Through the...
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