Investor Seeks To Derail Genesee's $1.4B RailAmerica Buy

Law360, Wilmington (August 2, 2012, 11:13 PM EDT) -- A RailAmerica Inc. shareholder lodged a putative class action Thursday aimed at halting Genesee & Wyoming Inc.'s planned $1.4 billion buyout of the railroad, saying the deal doesn't set a fair price on the short-line and regional rail operator.

Filed in Delaware Chancery Court, the suit alleges RailAmerica's seven-man board, led by Chairman Wesley R. Edens, breached its fiduciary duty by unanimously approving an agreement detrimental to shareholders. Under the terms of the deal announced July 23, Genesee & Wyoming will pay $1.39 billion for the...
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