Tomy's $650M Bid For Toy Co. Spurs Shareholder Suit

Law360, New York (March 23, 2011, 8:11 PM EDT) -- An investor in Thomas the Tank Engine toy maker RC2 Corp. filed a shareholder class action Tuesday in an Illinois state court to stop its $640 million sale to Tomy Co. Ltd., saying the price was too low.

The investor, the pension fund of Laborers' Local #231, contended that Tokyo-based Tomy Co.'s $27.90 per-share offer undervalued RC2, according to a complaint filed in Circuit Court of Cook County, Illinois.

The offer was "merely an attempt by Tomy to acquire RC2 for a bargain price during a...
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