Technip's $1B Global Industries Buy Spurs Investor Suit

Law360, New York (September 14, 2011, 4:54 PM EDT) -- A Global Industries Ltd. shareholder launched a putative class action Wednesday in Texas over French oil and engineering company Technip SA's planned $1.1 billion buyout, saying the deal undervalues the company.

"The timing of the proposed acquisition is intended to take advantage of the company's temporary low, current evaluation following a less than stellar August earnings report and an overall slide of the world economy," the suit said. "The so-called 55 percent premium touted in the press release is entirely misleading."

The transaction would "allow Technip...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.