Teavana Investor Hopes To Ice Starbucks' $620M Buyout

Law360, Wilmington (November 28, 2012, 8:08 PM EST) -- A Teavana Holdings Inc. investor launched a putative class action in Delaware on Tuesday claiming the specialty tea retailer's board left minority shareholders in the cold by approving an inadequate $620 million buyout offer from Starbucks Coffee Co. that became a fait accompli the day it was announced.

Filed in Delaware Chancery Court by shareholder Michael Rubin, the complaint alleges Teavana's six-man board breached its fiduciary duty by accepting Starbucks' $15.50-per-share offer and seeks to stop the deal, which it says undervalues a growing company and...
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