Verenium Faces Shareholder Suit Over $51M BASF Deal

Law360, San Francisco (September 25, 2013, 8:10 PM EDT) -- Verenium Corp. was hit with a shareholder class action Wednesday in Delaware Chancery Court that is aimed at blocking the company's proposed $51 million buyout by chemical company BASF Corp. and accuses Verenium of undervaluing itself and failing to consider other buyers.

The complaint, launched by public shareholder Neal Reilly, attacks Verenium and its board of directors over the deal announced Sept. 20 and accuses them of lowballing the worth of the company, which develops ecologically friendly enzyme products used in grain processing, oilfield services and...
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