Investors Hit Icahn Over 70 Cents-Per-Share XO Offer

Law360, New York (January 28, 2011, 6:09 PM EST) -- A group of XO Holdings Inc. shareholders has launched a putative class action saying activist investor Carl Icahn's offer to buy the company's remaining stock for 70 cents per share represents a net loss for investors and should be blocked.

In a complaint filed Wednesday in the Delaware Chancery Court, investor Cindy Henzel also alleges that XO's executives and directors have dragged their feet in evaluating Icahn's offer, to the detriment of shareholders.

Icahn, who already owns 91.51 percent of XO's outstanding stock and has served...
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