Blue Coat Investor Challenges $1B Thoma Bravo Deal

Law360, Wilmington (December 13, 2011, 6:59 PM EST) -- A Blue Coat Systems Inc. shareholder launched a class action in Delaware on Tuesday to block the proposed $1.3 billion acquisition of the Web security company by an investor group led by Thoma Bravo LLC, calling the offer woefully inadequate.

The company’s directors breached their duty to shareholders by agreeing to the San Francisco-based private equity firm’s $25.81 per share offer, according to a complaint lodged by Hilary Kramer Coyne in Delaware Chancery Court.

“The buyout comes at a time where Blue Coat’s recent and future...
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