Warner Music Shareholder Sues Over $3.3B Sale

Law360, New York (May 13, 2011, 4:10 PM EDT) -- A Warner Music Group Corp. shareholder launched a proposed class action in Delaware on Thursday, seeking to block the storied record label's impending $3.3 billion sale to Access Industries Inc., an industrial group owned by Russian-born billionaire Len Blavatnik.

Investor Barbara A. Varipapa contends the proposed deal, under which Access would pay $8.25 per share for Warner Music's outstanding stock, severely undervalues the music label. The per share price represents a 34.4 percent premium over the volume-weighted average share price of $6.14 over the past six...
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