ICG Shareholders Attack $3.4B Sale To Arch Coal

Law360, New York (May 10, 2011, 1:34 PM EDT) -- Arch Coal Inc.’s $3.4 billion buyout of International Coal Group Inc. prompted a class action in Delaware on Monday that claims the deal shortchanges the seller's shareholders and effectively obliterates any say they have in the sale.

The mining company announced the proposed $3.4 billion all-cash acquisition of ICG on May 2. The deal will make Arch the second-largest U.S. producer of steel-making coal, enhancing the company’s position in the international market for the coal and extend its operations into every major coal-producing basin in the...
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