Can't find anything on a patent suit. This crossed earlier:
Wilmington, Delaware, Aug. 25 (Bloomberg) -- U.S. Robotics'
former shareholders have settled lawsuits over the computer modem
maker's $8.54 billion merger with 3Com for $500,000 in attorneys'
fees and costs.
The settlement, which still needs a Delaware judge's
approval, ends all litigation stemming from U.S. Robotics' June
combination with 3Com, a leading computer networking company,
lawyers involved in the case said.
Shareholders' willingness to settle without receiving any
monetary award shows the merger terms were fair, said Ken
Nachman, a Delaware attorney representing U.S. Robotics.
``It's an admission by the plaintiffs that, in view of the
rise in the stock price, they didn't have much of a case,''
Nachman said.
Eleven U.S. Robotics shareholders filed suit in Delaware's
Chancery Court in February after Santa Clara, California-based
3Com offered to acquire the company through a stock swap. 3Com
eventually issued 1.75 shares for each U.S. Robotics share.
Shareholders objected, arguing that exchange ratio was unfair.
Shareholders agreed to settle the Delaware cases without
receiving damages after the Skokie, Illinois-based company's
stock rose more than $21 between February and June, court papers
said. That added $1.21 billion to the transaction's original
$7.33 billion price tag.
Another frivolous suit. As usual, the lawyers were the only winners. |
