Keynote Investor Sues To Stop $395M Sale To Thoma Bravo

Law360, Wilmington (July 3, 2013, 3:19 PM EDT) -- An investor in mobile cloud testing company Keynote Systems Inc. filed a putative class action in the Delaware Chancery court Tuesday hoping to stop a proposed $395 million acquisition by private equity firm Thoma Bravo LLC, arguing the deal is unfair and inadequate.

Shareholder Clay Ruffner contends that the material value of California-based Keynote is worth more than the proposed transaction, and provisions that prohibit board members from seeking alternate buyers unreasonably discourage another suitor from offering a better deal, according to the complaint.

“By agreeing...
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