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

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Lawsuit Overview

Case Dismissed
Company
Red Hat
Security
NYSE: RHT

Case Name
Red Hat Deal Case
Type of Lawsuit
Mergers and Acquisition
Court of Filing
U.S. District Court for the District of Delaware

Class Period Begin
Class Period End
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Summary

January 8, 2019 - The case was voluntarily dismissed.

December 18, 2018 - 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