Oshkosh Truck Corporation has lost yet another court battle in connection with its bid to acquire Stewart & Stevenson Services, Inc., a defense contractor. Concluding that a deal with Oshkosh would raise significant antitrust concerns, Stewart & Stevenson decided to merge with Armor Holdings Inc. instead.
Not content to let this one go, Oshkosh filed suit in federal court. It argued that Stewart & Stevenson's management "failed to uphold their responsibilities to shareholders" by rejecting Oshkosh's higher bid in favor of Armor's competing offer. A federal judge dismissed the case.
Oshkosh decided to try its luck in Texas state court. It lost--again. Acccording to a press release issued by Stewart & Stevenson, the court denied Oshkosh's request for a temporary restraining order to postpone Stewart & Stevenson's special shareholder meeting. At the shareholder meeting, which proceeds tomorrow, shareholders will vote on Stewart & Stevenson's cash merger with Armor Holdings.
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» Contentious Deals in the News from LegalMandA
The Italian antitrust watchdog will investigate Alitalia SpA's acquisition of Volare, a low-cost airline in Italy. The agency is concerned that the deal "could constitute or strengthen a dominant position in some air transport markets." Accor... [Read More]
Tracked on: May 25, 2006 1:00 PM | Permalink to Trackback