Investors Sue National Semiconductor Over $7B TI Deal

Law360, New York (April 18, 2011, 7:58 PM EDT) -- Shareholders launched a class action against National Semiconductor Corp. in a California federal court that seeks to block its sale to Texas Instruments Inc. for $6.5 billion in cash, saying three provisions made the deal unfair.

The suit for breach of fiduciary duty, filed by named plaintiff Albert Stein, claims the so-called no-shop, matching rights and $200 million termination fee provisions will cheat shareholders out of the fair value of the company.

Texas Instruments is the current analog semiconductor leader, with 14 percent of the market in...
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