Pennsylvania Ave. May Have Limited Impact

Law360 (March 31, 2008, 12:00 AM EDT) -- Equity funds considering consortium or joint bids can take comfort in a recent U.S. district court decision.

In Pennsylvania Avenue Funds v. Borey, the U.S. District Court for the Western District of Washington dismissed federal antitrust claims brought by shareholders of WatchGuard Technologies, Inc. (WatchGuard) against two separate private equity investors, Francisco Partners LP (FP) and Vector Capital Corp. (Vector), who had joined together to bid for WatchGuard.

FP and Vector had originally entered separate bids for WatchGuard. Ultimately, however, Vector pulled out of the bidding,...
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