3Com Hit With Shareholder Suit Over $2.7B HP Deal

Law360, New York (November 13, 2009, 3:25 PM EST) -- Networking and security services provider 3Com Corp. has been hit with a shareholder class action seeking to block the $2.7 billion merger agreement with Hewlett-Packard Co. announced Wednesday.

Plaintiff David B. Shaev filed the action Thursday in Delaware Chancery Court, claiming the proposed merger agreement, which involves HP paying stockholders of Marlborough, Mass.-based 3Com $7.90 a share, constitutes a breach of 3Com's fiduciary duties owed to public shareholders, and argues that 3Com's directors should have pushed for a higher price.

The complaint alleges the defendants are...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.