Tekelec Shareholders Sue To Halt $780M Sale To Siris

Law360, New York (December 5, 2011, 10:05 PM EST) -- Tekelec Inc. and its suitor Siris Capital Group LLC were slapped with a proposed class action Monday by Tekelec shareholders accusing the mobile data services provider of undervaluing the company in its planned $780 million sale to Siris and others.

In their complaint filed in California federal court, the shareholders allege that the companies and Tekelec officers including CEO Ronald De Lange, agreed to the Nov. 7 announced buyout, even though the deal works out to $11 a share, a small premium over its $9.90 per...
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