Focus Media Investor Drops Challenge To $3.7B Buyout

Law360, New York (March 27, 2013, 5:50 PM EDT) -- Removing a potential obstacle in the way of Focus Media Holding Ltd.'s proposed $3.7 billion go-private deal, a pension fund on Tuesday dropped a shareholder class action alleging the buyout offer led by Carlyle Group LP undervalued the Chinese digital advertising agency.

Iron Workers Mid-South Pension Fund, which sued Focus Media in February, acted less than a week before a California federal judge was scheduled to hear Focus' motion to dismiss the case. The fund's motion asking U.S. District Judge Jon S. Tigar to bar the...
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