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Intel-McAfee deal could spark shareholder lawsuits
- — 20 August, 2010 06:28
Shareholder lawsuits may be looming over the proposed Intel acquisition of McAfee, with at least two law firms signaling they are looking into whether McAfee's board of directors acted in the best interests of shareholders in approving the deal.
Wayne, Pa.-based Ryan & Maniskas, LLP says it is investigating potential claims against the board of directors at McAfee regarding the proposed deal, and Dallas-based Kendall Law Group also says it is seeking to determine whether McAfee and its board "breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders."
In its public statement, Kendall notes the agreement indicates that McAfee shareholders will receive $48 per share, though it suggests that at least one analyst has set a price target of $50 per share.
Representatives of Ryan & Maniskas and Kendall Law Group were not immediately available for comment.
The deal is expected to close after McAfee shareholder approval and regulatory clearances. Intel said the acquisition will have on a GAAP basis a slightly dilutive effect on its earnings in the first year of operations and a flat effect in the second year.
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