Law360, Wilmington (August 01, 2012, 5:46 PM ET) -- An AuthenTec Inc. investor sought Tuesday in Delaware to block Apple Inc.'s proposed $358 million buyout of the company, claiming directors of the fingerprint sensor and identity-based security software maker had significantly undervalued the promising company.
AuthenTec's board gave its unanimous approval to the July 26 deal, in which the tech giant offered to pay $8 per share in cash for the company's outstanding 44,744,222 shares, according to filings with the U.S. Securities & Exchange Commission.
Filed in Delaware Chancery Court by shareholder Craven K. Lee,...
Apple's $358M Bid For AuthenTec Not Enough, Investor Says
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