An ATS Corp. (ATSC) shareholder sued the company’s directors for spurning higher takeover offers than the one from Salient Federal Solutions Inc.
Two unidentified parties offered to pay more than the $3.20 a share proposed by Salient, ATS said in U.S. Securities and Exchange Commission filings. ATS failed to explore one bid of $3.35 a share, shareholder Stourbridge Investments LLC said in the complaint made public today in Delaware Chancery Court in Wilmington.
ATS, a McLean, Virginia-based provider of software to U.S. government agencies, disclosed the planned merger on Feb. 21. The deal, valued at about $73 million, will be financed with Fairfax, Virginia-based Salient’s equity-capital commitments and debt financing, the companies said.
The deal is unfair, inadequate and serves no legitimate business purpose for ATS, Stourbridge said in court papers.
Penny Parker, a spokeswoman for ATS, didn’t immediately return a phone call seeking comment on the lawsuit.
The case is Stourbridge Investments LLC v. Bersoff, CA7300, Court of Chancery of the State of Delaware (Wilmington).
To contact the reporter on this story: Sophia Pearson in Philadelphia at email@example.com
To contact the editor responsible for this story: Michael Hytha at firstname.lastname@example.org