Allied Shareholder Tries To Halt $175M Saga Deal

Law360, New York (August 3, 2011, 8:31 PM EDT) -- A disgruntled Allied Healthcare Inc. investor filed a class action Monday in New York in an effort to prevent U.K.-based insurer Saga Group Ltd.’s $175 million buyout of the company.

Saga’s offer to pay Allied stockholders $3.90 per share is far less than the resurgent nursing company is worth, and the Allied board only grabbed at the deal out of self-interest rather than to benefit public stockholders, according to the lawsuit.

“The consideration offered to Allied public stockholders … is unfair and grossly inadequate because, among...
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