Primedia Investor Sues Over $525M TPG Buyout

Law360, Wilmington (May 23, 2011, 9:20 PM EDT) -- A Primedia Inc. shareholder lodged a class action in Delaware state court Monday seeking to block TPG Capital LP’s proposed $525 million buyout of the publisher, saying the deal undervalued the company and scrapped insider trading claims against Primedia’s majority shareholder.

Private equity firm Kohlberg Kravis Roberts & Co . — which holds 59 percent of Primedia’s stock — used its influence over Primedia’s board to push through a sweetheart deal with TPG, extinguishing potentially $150 million in derivative claims for insider trading against KKR that...
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