Emdeon, Blackstone Seek To Quash Suit Over $3B Buyout

Law360, New York (October 7, 2011, 3:44 PM EDT) -- Emdeon Inc. and a Blackstone Group LP unit sought Thursday to dismiss a putative shareholder class action in Tennessee over Blackstone's proposed $3 billion buyout of the health care technology company, arguing the same allegations are already playing out in Delaware court.

Emdeon and Blackstone Capital Partners IV LP argued that U.S. District Judge Todd J. Campbell should allow the Delaware Chancery Court to handle allegations that Blackstone's $19 per share proposed buyout of Emdeon benefited majority shareholders to the detriment of remaining stakeholders.

There is “no reason for this...
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