Shareholder Sues To Block $1.9B SRA Deal

Law360, New York (April 7, 2011, 7:18 PM EDT) -- A disgruntled shareholder filed a class action in Delaware on Thursday to block a private equity group’s $1.9 billion buyout of technology services company SRA International Inc.

Providence Equity Partners LLC’s offer to take SRA private at $31.25 per share is a sweetheart deal arranged by SRA’s founder Ernst Volgenau and fails to secure the best sale price for the public stockholders, according to the complaint filed in the Delaware Court of Chancery.

SRA announced the $1.88 billion merger on April 1, but the lawsuit asserts...
To view the full article, register now.