An IDC investor filed a lawsuit in Delaware State Court on behalf of current investors in Interactive Data Corp. (NYSE:IDC) over alleged breaches of fiduciary duty by the board of directors of Interactive Data and others in connection with the attempt to sell IDC too cheap to investment funds managed by Silver Lake and Warburg Pincus.
Interactive Data Corporation, located in Bedford, MA, provides financial market data, analytics and related solutions to thousands of financial institutions and active traders, as well as software and service providers. On Tuesday, May 04, 2010, Interactive Data Corporation (NYSE: IDC) announced that it has entered into a definitive agreement to be acquired by investment funds managed by Silver Lake and Warburg Pincus in a transaction with a total value of $3.4 billion. Under the agreement, Interactive Data's stockholders (IDC) will receive $33.86 in cash for each share of Interactive Data common stock (IDC) they own. According to Interactive Data Corp. agreement was unanimously approved by its Board of Directors and the offer represents a premium of approximately 32.9 percent over the closing share price on Thursday, January 14, 2010, the last trading day before the Company announced that its Board of Directors was conducting a review of strategic alternatives.

Shares of Interactive Data Corp.(IDC) traded on January 14, 2010, at $25.47 per share and inclined after the announcement from $33.09 per share on May 03, 2010, to at $33.24 per share on May 4, 2010. But IDC stock traded at over $33.90 per share just days before the takeover news and at $34 per share as recently as April 21, 2010. Interactive Data Corp's controlling shareholder Pearson PLC, which holds 61% of IDC stock, will receive an approximately $2 billion payout as a result of the deal and Interactive Data Corp said that Pearson PLC has executed a written consent to approve the transaction.

According to the complaint the plaintiff alleges breaches of fiduciary duty arising out of the attempt to sell Interactive Data Corp. (NYSE:IDC) to investment funds managed by Silver Lake and Warburg Pincus. “Despite its promise and poise for growth, the company agreed to enter into the proposed transaction at an unfairly low price,” so the lawsuit.