Marvel and Disney's marriage may be well under threat from lawsuits as two separate legal actions are announced with Marvel shareholders crying foul over the Disney buyout.
The first lawsuit came within the first day of the announcement of the sale, shareholder Christine Vlatos filed a complaints to stop the sale and mentioned "unspecified damage" as a result of the announcement. While this may not wield any results, this may not be true for the similar class action suit against the company:
According to the complaint the plaintiff alleges breaches of fiduciary duty and other violations of state law by the Board of Directors of Marvel Entertainment Inc. (Public, NYSE:MVL) arising out of their attempt to sell Marvel Entertainment to Walt Disney Company. According to Marvel Entertainment the Walt Disney Company (NYSE:DIS) has agreed to acquire Marvel Entertainment, Inc. (NYSE:MVL) in a stock and cash transaction. Under the terms of the agreement and based on the closing price of Walt Disney Company (NYSE:DIS) on August 28, 2009, Marvel shareholders (NYSE:MVL) would receive a total of $30 per share (NYSE:MVL) in cash plus approximately 0.745 Disney shares for each Marvel share they own. According to Marvel Entertainment based on the closing price of Disney stock (NYSE:DIS) on Friday, August 28, the transaction value is $50 per MVL share or approximately $4 billion. But according to a previous investigation by a law firm "the transaction appear[ed] to be unfair" to current investors of Marvel Entertainment, Inc. (Public, NYSE:MVL) "by failing to conduct an open and fair auction process for the Company in order to maximize shareholder value".
The announcement invites other Marvel shareholders to come forward to join the lawsuit.
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