Coty Investors Sue Directors, JAB Over $1.7B Deal
Law360 (May 30, 2019, 6:18 PM EDT) -- Public investors in global cosmetics giant Coty sued the company, its directors and majority owner JAB Holding in Delaware’s Chancery Court on Wednesday, alleging conflicts and unfair terms in a $1.7 billion deal last month that gave JAB control of the business.
The four-count suit alleges direct claims for breaches of fiduciary duty against Coty Inc.’s directors and Luxembourg-based investment company JAB Holding Co. SARL, which had de facto control of the business, with 40% of shares, even before the partial tender offer at issue. It also seeks damages derivatively, on behalf of the company, for contract breaches by JAB and...
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