Bridgepoint Education Tender Offer Is 'Disloyal,' Suit Says

Law360, New York (December 11, 2013, 5:03 PM EST) -- A Bridgepoint Education Inc. shareholder launched a suit Monday accusing the higher education provider’s board of directors and majority shareholder Warburg Pincus Private Equity VIII LP of crafting a “self-dealing” tender offer for their shares at a premium that could drive the price up to $249.6 million.

Carmen Di Giovanni lodged the shareholder derivative complaint in California federal court Monday, contending that the struggling higher education provider’s Nov. 13 tender offer to buy back at least 10.25 million shares but as many as 11.34 million shares...
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