K2 Inc. has announced that the company and its board of directors have been named as defendants in a shareholder class action lawsuit over the announced sale of K2 pursuant to the merger agreement executed on April 24, 2007, between K2 Inc. and Jarden Corp. The lawsuit was filed in California Superior Court for the County of San Diego. The lawsuit alleges that K2’s directors breached their fiduciary duties in approving the proposed merger and that the consideration payable to K2’s shareholders in the merger is unfair and inadequate. The lawsuit asks that the transaction contemplated in the merger agreement be enjoined or, if the merger is completed, that it be rescinded. K2 Inc. has responded that the company believes the lawsuit is without merit.
Outdoor financial: Jarden to acquire K2; both companies release Q1 earnings reports
Jarden Corp. (NYSE: JAH), a diversified consumer products company with brands such as Coleman and Campingaz, has signed a definitive merger agreement to buy K2 Inc. (NYSE: KTO) in a cash and stock deal valued at about $15.50 per share, or $765.9 million, the companies said. Under ...read more