Kaydon Faces Shareholder Suit Over $1.25B Sale To SKF

Law360, New York (October 8, 2013, 2:10 PM EDT) -- A shareholder of Michigan ball bearings maker Kaydon Corp. filed a putative class action against the company and its directors in federal court Monday, claiming its $1.25 billion sale to Sweden's SKF AB drastically undervalued the company and was potentially a breach of fiduciary duty.

Named plaintiff Christopher Francis claimed in the suit filed in the Eastern District of Michigan that Kaydon and its senior management, led by president and CEO James O'Leary, agreed to a $35.50 per-share price that lowballed the auto parts maker. Francis...
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