Ah, yes. The shareholders. Landmines aplenty. Pesky creatures 🙂
It turns out that there are some folks that are less than amused with the announced proposal of the HP acquisition of 3COM.
From Worcester Business Journal:
Computer giant Hewlett Packard’s proposed $2.7 billion acquisition of Marlborough-based 3Com Corp. has hit some roadblocks, including a handful of shareholder lawsuits and a reported Securities and Exchange Commission investigation into insider trading.
At least five lawsuits have been filed against 3Com since the Nov. 11 announcement, including one filed by 3Com shareholder Edward Tansey of Maine. Tansey is asking the U.S. District Court in Boston to stop the deal, alleging that 3Com executives were not working in the best interest of shareholders.
Other cases include two that were filed by Richard Hall and Leonard Ahern in the Sussex County Delaware Court of Chancery, according to a clerk in that court. Those cases name 3Com, the company’s executives, and HP for breaching “fiduciary duties.”
I wonder if this will have any affect in the grand scheme of things or will this just be a side show? For more on this story read on.
(edit: Thanks Innismir)
