Investor Aims To Shut Down $162M Pervasive Software Buy

Law360, Wilmington (January 31, 2013, 6:37 PM EST) -- A Pervasive Software Inc. investor launched a putative class action Wednesday aimed at stopping its announced acquisition by rival Actian Corp., claiming the $162 million deal shortchanges shareholders of the profitable, debt-free company but rewards the directors who approved it.

Filed in Delaware Chancery Court by shareholder Joel Rosenfeld, the complaint alleges Pervasive's board breached its fiduciary duty by approving the inadequate offer, one which the directors were not in a suitable position to judge since they stood to gain from it.

“While the so-called disinterested...
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