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NYSE Euronext directors failed in their duty to maximize the value of the company’s stock, shareholder (NYX) Samuel T. Cohen said in a lawsuit filed yesterday in Delaware Chancery Court in Wilmington.
Cohen asked the court to block the takeover under present terms, contending the offer is being made “for inadequate consideration and through a flawed process.”
IntercontinentalExchange, based in Atlanta, said yesterday that it would pay $33.12 for each share of New York-based NYSE Euronext. NYSE Euronext shareholders can choose cash, stock or a combination of the two.
NYSE Euronext fell 20 cents to $32.05 at 11:24 a.m. in New York Stock Exchange composite trading (NYX). The stock rose 34 percent with yesterday’s announcement.
Robert Rendine, a spokesman for NYSE Euronext, declined to comment on the lawsuit.
The case is Cohen v. NYSE Euronext, CA8136, Delaware Chancery Court (Wilmington).
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