Investor Claims $1.5B Fortis Bid Undervalues CH Energy

Law360, New York (February 23, 2012, 4:45 PM EST) -- A New York investor with a stake in CH Energy Group Inc. filed a class action Wednesday over Canadian utility Fortis Inc.'s $1.5 billion plan to buy the energy distributor, alleging that the $65 per share offer is "woefully inadequate.”

Allen R. Kahn's state court complaint says the CH Energy board — including chairman Steven V. Lant, who also serves as the Poughkeepsie, N.Y.-based target company's CEO — breached their fiduciary duty to investors by agreeing to a price below what was fair.

At least one...
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