Investor In Vt. Utility Tries To Block $700M Sale To Gaz

Law360, New York (July 13, 2011, 6:47 PM EDT) -- A Central Vermont Public Service Corp. shareholder hit the electricity provider and its top brass with a putative class action Wednesday seeking to derail its proposed sale to Gaz Metro LP for $700 million.

Shareholder Howard Davis alleges that Central Vermont and its officers and directors unfairly rushed into a deal to be purchased by FortisUS Inc. that significantly undervalued the company and then cost it nearly $20 million when the utility decided to ditch that agreement in favor of a deal with Gaz Metro, also...
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