Timberland Investor Challenges VF's $2B Buyout Offer

Law360, Wilmington (June 17, 2011, 8:55 PM EDT) -- A Timberland Co. investor lodged a class action in Delaware state court Friday alleging that V.F. Corp.’s $2 billion bid for the footwear and apparel maker shortchanged shareholders and was crafted to bypass their say on the deal.

David Shaev claims Timberland’s directors breached their fiduciary duties to shareholders by agreeing to an opportunistic $43 per share offer that comes after poor first quarter financial results caused a dip in Timberland’s stock price.

“V.F. swooped in and took advantage of this temporary setback at the company,”...
To view the full article, register now.