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Rating:Artio Faces Its First Lawsuit Over the Aberdeen Deal Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, March 06, 2013

Artio Faces Its First Lawsuit Over the Aberdeen Deal

Reported by Tommy Fernandez

Gentlemen, start your briefcases.

The first lawsuit against Aberdeen's purchase of Artio has been filed.

The suit, filed in Delaware Court by the law firm Levi & Korsinsky, claims "breaches of fiduciary duty and other violations of state law against the board of directors of the Company in connection with the sale of the Company to Aberdeen Asset Management PLC."

In particular, the "claims concern whether the Artio Global Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether Aberdeen Asset Management PLC is underpaying for Artio Global shares, thus unlawfully harming Artio Global stockholders."

Under the terms of the deal, Artio stockholders will receive $2.75 for each share of Artio Global stock they own. Shareholders representing approximately 45 percent of the Company's outstanding shares reportedly have already agreed to tender their shares.

The Valentine's Day Artio deal, which Aberdeen North American chief Gary Marshall said provided several advantages to Aberdeen, spurred investigations by at least a dozen law firms, of which one conducted this survey of Artio shareholders.

Both Aberdeen and Artio declined comment for this story. 

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