CKX Shareholders Sue Over $600M Buyout Bid

Law360, New York (June 8, 2010, 4:10 PM EDT) -- Shareholders of “American Idol” owner CKX Inc. have accused the entertainment licensing firm's directors of breaching their fiduciary duty by failing to seek competing bids after a group led by the show’s creator, Simon Fuller, made a $600 million takeover offer for the company.

Investor Richard Nierenberg argued in a complaint filed Monday in the Delaware Chancery Court on behalf of a proposed class of shareholders that the $6.45 per share offering price for CKX — the entertainment giant that owns the rights to the names...
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