ADC Shareholder Sues To Block $1B Sale To Tyco

Law360, New York (July 29, 2010, 3:52 PM EDT) -- An angry shareholder has filed suit in an attempt to block ADC Telecommunications Inc.’s $1.25 billion sale to Tyco Electronics Ltd., contending that the deal lavishes payouts on insiders while giving short shrift to public stockholders.

The class action complaint, filed Wednesday in the U.S. District Court for the District of Minnesota, claims Tyco’s offer to purchase all the outstanding shares of ADC common stock for $12.75 per share is “grossly inadequate” and ignores the target company’s excellent business prospects.

Additionally, shareholders have not received adequate...
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