American Pacific Investor Seeks To Stop $392M PE Buyout

Law360, Wilmington (January 30, 2014, 5:32 PM EST) -- An American Pacific Corp. investor launched a putative class action Wednesday aimed at blocking a proposed $392 million buyout by private equity firm H.I.G. Capital LLC, claiming the offer greatly undervalues the promising chemical manufacturer.

Filed in Delaware Chancery Court, the complaint alleges that American Pacific's board breached its duty to shareholders by approving an underpowered deal on terms that leave little hope of improvement.

American Pacific's directors "failed to carry out their fiduciary obligations, agreeing to sell the company for inadequate consideration through an improper...
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