LAWSUITS NEWS & LEGAL INFORMATION
Shareholder Buyout
Wilmington, DE: (Oct-21-07) A series of shareholder lawsuits were brought against Leucadia National Corp., a holding company with interests in insurance, wine and real estate, regarding the 2005 buyout of the mining firm MK Resources Co. Sources reveal that in June 2005, the company said it would pay 0.0317 of its shares for each MK share, or about $1.27. Investors sued in Delaware Chancery Court, stating that the price was too low.
As part of a settlement reached, Leucadia National announced that it will pay $13.7 million to settle the shareholder lawsuits. Company officials said that with $862.6 million in 2006 sales, the company would sell $500 million in 8.125% senior notes due in 2015 for general corporate purposes. Leucadia shares have risen 77% in 2005. Under the settlement, former stockholders of MK, based in Salt Lake City, may receive about 76 cents more a share, minus fees, lawyers said in court filings. [THE NEWS JOURNAL: SHAREHOLDER BUYOUT]
Published on Oct-23-07
As part of a settlement reached, Leucadia National announced that it will pay $13.7 million to settle the shareholder lawsuits. Company officials said that with $862.6 million in 2006 sales, the company would sell $500 million in 8.125% senior notes due in 2015 for general corporate purposes. Leucadia shares have risen 77% in 2005. Under the settlement, former stockholders of MK, based in Salt Lake City, may receive about 76 cents more a share, minus fees, lawyers said in court filings. [THE NEWS JOURNAL: SHAREHOLDER BUYOUT]
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