9 June 2005 – Greenville (WI): School Specialty has announced that it has been named as a defendant in two putative shareholder class actions which were filed in Outagamie County.
The complaints have arisen from the company’s 31 May 2005 announcement that it had signed a definitive merger agreement to be acquired by an affiliate of Bain Capital Partners. The complaints allege that the company breached fiduciary duties to its shareholders by negotiating a transaction price that the plaintiffs consider inadequate.
School Specialty said it does not believe the claims have merit and intends to vigorously contest them.
