AVX Investors Ask Court to Second-Guess Kyocera Buyout Price

AVX Corp. shareholders filed an appraisal petition in Delaware over its buyout last month by Kyocera Corp. in a deal that other investors recently called “the quintessential unfair controlling stockholder take-private transaction.”

The $21.75-a-share buyout made the electronics company a wholly owned subsidiary of the Japanese multinational, which previously owned 72% of it. Investors who didn’t voluntarily participate had their shares “extinguished” March 30 in exchange for cash, according to the petition.

Three of those involuntarily bought-out shareholders are now asking the Chancery Court to second-guess the deal price and order the company to make up the fair value to ...