Titanium Metal Investors Call $2.9B Buyout A 'Sham'

Law360, Wilmington (November 14, 2012, 5:12 PM EST) -- Two Titanium Metals Corp. investors launched a putative class action in Delaware Chancery Court on Wednesday that claims Timet's directors are using a proposed $2.9 billion takeover by Precision Castparts Corp. to dodge responsibility for a series of allegedly dubious transactions.

The shareholder action claims Timet's seven-man board entered into the $16.50-per-share buyout as a means of avoiding repercussions from a pair of recently resolved derivative suits that accused chairman and majority owner of Harold C. Simmons of harming the company through a string of self-dealing...
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