AboveNet Investors' $2B Merger Challenge Nixed

Law360, Wilmington (August 1, 2013, 9:30 PM EDT) -- A Delaware Chancery judge Thursday threw out a class action launched by a former AboveNet Inc. shareholder challenging the company's $2.2 billion private equity-backed merger with Zayo Group LLC, ruling the complaint fell far short of making a case that the deal was unfair and shortchanged investors.

Vice Chancellor John W. Noble wrote that the complaint, launched in April 2012 by Miramar Firefighters Pension Fund, was “plainly insufficient to survive a motion to dismiss,” and failed to sufficiently allege the directors allowed former CEO Bill LaPerch...
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