Pharma Investments, Ventures & Law Weekly
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Baron & Budd, P.C.
Baron & Budd, P.C. Files Suit to Stop Sale of EDS to Hewlett-Packard; Trust Fund Client Alleges Terms Are Unfair to EDS Shareholders
June 15th, 2008
Dallas-based law firm Baron & Budd, P.C. has filed suit on behalf of plaintiff client, the Intermountain Ironworkers Trust Fund (IITF), to stop the sale of Electronic Data Systems (NYSE:EDS) to Hewlett-Packard Corp. (NYSE:HPQ), alleging that the terms of the sale agreement are unfair to EDS shareholders. The proposed sale agreement, which has not been approved by EDS shareholders, locks the price for EDS stock at $25 per share, prohibits EDS directors from seeking a higher price from alternative bidders and guarantees Hewlett-Packard a $375 million pay-off if EDS does not go through with the sale. On behalf of all EDS's public shareholders, the IITF plaintiffs allege...
Source: Pharma Investments, Ventures & Law Weekly (2008-06-15)
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