WILMINGTON, DE. — Workplace safety equipment maker Bacou USA has been sued by a shareholder who objects to the terms of Bacou’s planned takeover by French plastics maker Christian Dalloz SA.
According to reports, the shareholder, David Schneider, filed a lawsuit in Delaware Chancery Court on May 30, contending his stock was undervalued in the planned $201.7 million transaction. Under the deal, announced May 30 by Dalloz and Bacou USA, Dalloz would buy Bacou USA and its French parent, Bacou SA, in a cash-and-stock transaction. U.S. shareholders would receive $28.50 per share for the 29 percent of the company not owned by Bacou SA.
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In his lawsuit, Schneider alleged that Bacou directors will retain interests in the new company, agreeing to a low price despite a legal duty to get the most for the shares. The suit asks a judge to stop the transaction and award damages, reports said.
