CMD Shareholder Sues Over Acquisition Price Offer

Law360, New York (January 5, 2010, 6:33 PM EST) -- A California Micro Devices Corp. shareholder has lodged a proposed class action seeking to block the recently proposed acquisition of the technology company by ON Semiconductor Corp., claiming the price is too low.

Sanjay Israni filed a complaint against the companies and certain officers and directors on Monday in the Court of Chancery of the State of Delaware, seeking to either halt the deal or recover damages in the event it is carried out.

“ON seeks to acquire the publicly held shares of CMD on unfair...
To view the full article, register now.