Novellus Investor Sues To Block $3B Lam Buy

Law360, New York (January 10, 2012, 6:51 PM EST) -- A Novellus Systems Inc. shareholder hit the company, its board of directors and others with a putative class action in California federal court Friday in an attempt to halt Lam Research Corp.'s proposed $3.3 billion acquisition of the semiconductor equipment manufacturer.

Plaintiff Sunil Nagpal says Lam Research's all-stock bid for Novellus, announced in December, is a raw deal for shareholders and undervalues the company.

Lam Research, which is named as a co-defendant in the suit, is paying little to no premium for Novellus, while other acquirers...
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