Law360, New York (May 24, 2012, 2:29 PM ET) -- A Cost Plus Inc. shareholder proposed a class action Tuesday in California trial court, seeking to block Bed Bath & Beyond Inc.'s takeover in a proposed $494 million cash deal that the investor called inadequate and unfair.
Stockholder Willie M. Richardson contends in his complaint that when the Cost Plus board unanimously approved the sale, which would provide a $22-per-share payout, they lowballed the company's worth and risked big losses for investors.
Each board member is named as a defendant, alongside both companies.
“Cost Plus, if...
Cost Plus Investor Blasts Bed Bath & Beyond's $494M Bid
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