Met-Pro Investors Say $210M Deal Undervalues Company

Law360, New York (July 9, 2013, 3:26 PM EDT) -- A shareholder in Pennsylvania-based pollution control technology company Met-Pro Corp. has contested its proposed $210 million acquisition by rival Ceco Environmental Corp., bringing a class action in federal court on Monday accusing Met-Pro's top executives of hijacking the buyout process.

Lead plaintiff Raymond Gold says that Met-Pro's board of directors failed to exercise proper oversight over the merger talks, allowing its top brass to ignore shareholders' interests and push through a lowballed buyout offer that will guarantee them jobs at Ceco or lucrative severance payments once...
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Case Information

Case Title

GOLD v. DE HONT et al


Case Number

2:13-cv-03948

Court

Pennsylvania Eastern

Nature of Suit

Other Statutes: Securities/Commodities

Judge

CYNTHIA M. RUFE

Date Filed

July 8, 2013

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