Red Hat (NYSE: RHT) Investor Lawsuit Filed Over Alleged Breaches Of Fiduciary Duties In Acquisition

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Company Name(s): 
Red Hat
Case Name: 
Red Hat Deal Case
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: RHT
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Summary: 

An investor, who currently holds shares of Red Hat (NYSE: RHT), filed a lawsuit against the takeover of Red Hat.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: RHT stockholders by agreeing to sell Red Hat cheaply via an unfair process.

On October 28, 2018, IBM (NYSE:IBM) and Red Hat (NYSE:RHT) announced that the companies have reached an agreement under which IBM will acquire all of the issued and outstanding common shares of Red Hat for $190.00 per share in cash, representing a total enterprise value of approximately $34 billion.

However, plaintiff claims that the proposed consideration NYSE: RHT shareholders will receive is grossly inadequate and undervalues Red Hat. In addition, the plaintiff alleges that the process is also unfair NYSE: RHT stockholders