Arbitron Files Settlement Of Shareholder Suit With Court
July 22, 2013 at 4:47 AM (PT)
A settlement proposal has been reached between ARBITRON and JOSEPH PACE, the shareholder who sued to block the company's $1.3 billion sale to NIELSEN, and the settlement has been filed with the DELAWARE COURT OF CHANCERY for approval. The settlement was reached in MARCH and has now been finalized, reports LAW360.COM.
The settlement suspends "don't ask-don't waive" clauses that block other parties who signed confidentiality agreements in the bidding from making a later, higher offer, with ARBITRON not admitting to any wrongdoing. PACE sued in JANUARY, alleging that ARBITRON's board breached its fiduciary duty when it approved NIELSEN's $48/share offer because the process failed to fully engage bidders other than NIELSEN.