Shareholder Sues To Block $5B Bid For Del Monte

Law360, New York (December 2, 2010, 5:04 PM EST) -- A Del Monte Foods Co. shareholder has filed a proposed class action against a planned $5.3 billion purchase of the food giant, accusing Del Monte's leaders of trying to sell the company at a bargain price to line their own pockets.

Shareholder Vivian Golombusky filed the case Tuesday in the Delaware Court of Chancery, claiming the accepted offer of $19 per share is "unfair and grossly inadequate," according to the complaint.

Named defendants include Del Monte CEO and Chairman Richard G. Wolford and all eight Del...
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