AboveNet Investors Sue To Block $2B PE-Backed Merger Offer

Law360, New York (April 2, 2012, 6:44 PM EDT) -- AboveNet Inc. shareholders launched a putative class action in Delaware court Friday against the operator of fiber optics networks to block a proposed $2.2 billion offer from Zayo Group LLC and two private equity firms to take the company private.

The $84-per-share bid from Zayo Group LLC, which includes equity stakes for buyout firms GTCR LLC and Charlesbank Capital Partners LLC, is woefully inadequate and includes onerous and preclusive deal protection, like a limited 30-day window to shop for competing offers, according to the suit....
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