SRA Investors Lose Challenge Over $2B PE Firm Sale

Law360, New York (August 5, 2013, 7:15 PM EDT) -- The Delaware Chancery Court on Monday tossed a shareholder suit against technology consultant SRA International Inc. alleging its $1.9 billion sale to private equity firm Providence Equity Partners Inc. was unfair, finding that the deal was proper under the business judgment rule.

SRA and Providence won summary judgment against the Southeastern Pennsylvania Transportation Authority, ending claims that the two inked a cash-and-stock deal that slighted minority shareholders, according to Vice Chancellor John W. Noble. The judge found that the sale was fair since an independent special...
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