Edgen Group Investor Blasts $520M Sumitomo Buyout

Law360, Wilmington (October 17, 2013, 7:37 PM EDT) -- An Edgen Group Inc. shareholder launched a putative class action Thursday aimed at stopping a planned $520 million buyout by Japanese trading giant Sumitomo Corp., claiming the deal shortchanges shareholders of the energy industry supplier.

Filed in Delaware Chancery Court, the suit alleges that Edgen's board breached its fiduciary duty to shareholders by approving an undervalued deal under terms that all but ensure no better will come along.

“The proposed transaction is the product of a flawed process that resulted from the board’s failure to maximize...
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