Suit Claims $247M FLIR-ICx Deal Cheats Shareholders

Law360, New York (August 20, 2010, 4:34 PM EDT) -- Technology developer ICx Technologies Inc. has been hit with a proposed class action alleging FLIR Systems Inc.'s $274 million merger offer undervalues ICx and leaves shareholders out in the cold.

Shareholder Daniel Sloan filed the suit Wednesday in the Delaware Chancery Court in an attempt to stop the merger, claiming the $7.55 per share price is too low and that the deal unfairly discourages other offers.

The suit accuses several ICx officers and directors of breaching their fiduciary duty to maximize shareholder value, including Hans Kobler,...
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