K-Sea Investor Sues To Halt $335M Kirby Deal

Law360, New York (March 22, 2011, 6:30 PM EDT) -- A K-Sea Transportation Partners LP unit holder filed a class action in Delaware on Monday to block Kirby Corp.’s proposed $335 million purchase of the oil barge operator, claiming the offer is inadequate and discourages competing bids.

The suit, lodged by William W. Caldwell of the Delaware Court of Chancery, alleges that K-Sea’s board breached its fiduciary duty to shareholders by agreeing to the deal just as the company is “poised for growth.”

“The proposed transaction is clearly timed to confer the benefits of these exceedingly...
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