$1B Pritzker Buyout Stiffs TMS Investors, Suit Says

Law360, Wilmington (September 3, 2013, 4:23 PM EDT) -- A TMS International Corp. investor launched a putative class action Friday aimed at blocking the announced $1 billion buyout by the Pritzker Organization LLC, saying the deal shortchanges public shareholders of the Pittsburgh-based industrial services company.

Filed in Delaware Chancery Court, the complaint claims TMS' board breached its fiduciary duties to shareholders by approving a merger agreement that allows the Pritzker Organization to snap up the growing company at a bargain price and freezes out potential bidders who might otherwise pay more.

“The proposed transaction is...
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