Michael Baker Investors Call $397M Offer 'Grossly Inadequate'

Law360, New York (September 25, 2013, 6:40 PM EDT) -- Investors in engineering firm Michael Baker Corp. on Tuesday sued the company in Pennsylvania federal court, alleging its directors backed a “grossly inadequate” $397 million sale to private equity-backed Integrated Missions Solutions Inc. for their own benefit.

The plaintiffs allege in the Western District of Pennsylvania that Michael Baker and its board of directors violated the Securities Exchange Act of 1934 by disseminating a false and materially omissive and misleading recommendation statement to shareholders in connection with the $40.50 per share transaction.

The suit claims Michael...
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