Varian Investor Slams $5B Sale To Applied Materials

Law360, New York (July 14, 2011, 3:41 PM EDT) -- A Varian Semiconductor Equipment Associates Inc. shareholder filed a class action in Massachusetts on Wednesday in an effort to block Applied Materials Inc.’s $4.9 billion buyout of the company and get a better deal for investors.

Named plaintiff David Crane contends that Varian's directors and officers failed to maximize value for company shareholders and embraced Applied’s offer of $63 per share out of self-interest.

“The proposed transaction is the product of a flawed process that was designed to sell Varian to Applied on terms detrimental to...
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