Progress Energy Shareholder Sues Over $14B Duke Buy

Law360, New York (February 10, 2011, 7:41 PM EST) -- A Progress Energy Inc. shareholder launched a putative class action lawsuit Thursday over its planned $13.7 billion merger with Duke Energy Corp., accusing the company's board of selling it for too little and rejecting a better offer from another suitor.

Shareholder Noah Wolf claims that the day before Progress' board members agreed to sell the company to Duke, they rejected a proposal from Dominion Resources Inc. that offered a premium four times higher than Duke's offer, according to the complaint in the U.S. District Court for...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Wolf v. Johnson et al


Case Number

5:11-cv-00058

Court

North Carolina Eastern

Nature of Suit

Stockholders Suits

Judge

James C. Dever, III

Date Filed

February 10, 2011

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.