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...
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