K-Swiss Shareholder Looks To Stamp Out $170M Buyout

Law360, Wilmington (January 23, 2013, 8:06 PM EST) -- A K-Swiss Inc. investor launched a putative class action Tuesday seeking to stop the recently announced buyout of the iconic sneaker brand by South Korean retail giant E. Land World Ltd., claiming the $170 million deal falls short of fair value.

Flied in Delaware Chancery Court, the complaint claims the K-Swiss board breached its fiduciary duties by approving a merger agreement that undervalues the company while effectively preventing a rival bidder emerging with a better offer.

K-Swiss is positioned for growth, shareholder David Raul said, and...
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