Zayo Stockholders Sue CEO In Chancery Over $14.3B Sale

Law360 (July 31, 2020, 4:58 PM EDT) -- Two Teamsters union funds and a Zayo Group investor opened a proposed class suit against co-founder Dan Caruso in Delaware's Chancery Court late Thursday, accusing the executive of playing a conflicted role in the company's $14.3 billion take-private merger last year.

The heavily redacted suit focused on events leading up to Zayo Group Holdings Inc.'s $8.2 billion cash plus $5.9 billion in debt sale to buyers Digital Colony Partners and EQT Partners, approved by shareholders on July 26, 2019.

Caruso allegedly secured outsized benefits from the sale that were not disclosed before sale was concluded, and was accused of steering the...

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