US: Golden State Vintners hit by lawsuit - report
Golden State Vintners is being sued over its proposed merger with the O'Neill Acquisition Company, according to press reports. The Los Angeles Times reports today that stockholder Milton Pfeiffer filed a lawsuit against Golden State in Delaware Chancery Court on Wednesday.
On Monday, the wine and grape supplier announced that it is to merge with the O'Neill Acquisition Company, an entity formed by Jeffrey O'Neill, Golden State's chief executive, in a deal valued at around US$96m.
The newspaper quotes the lawsuit as describing the transaction as "an attempt by company insiders to cash out the minority shareholders in the private-label winemaker at an unfair price, under unfair terms and through improper means."
The lawsuit asks the court to halt the sale and award compensatory damages, lawyers' fees and legal costs, according to the paper.
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