Brookfield, Morgan Stanley, CDK Global Sued Over $8 Billion Deal

A CDK Global Inc. investor filed a challenge in Delaware to its $8.3 billion take-private buyout by Brookfield Asset Management Inc. affiliates, claiming the company’s board, acquirers, and advisers at Morgan Stanley are trying to trick investors into the deal by fudging financial figures.

The lawsuit, docketed Thursday in Delaware Chancery Court, accuses the CDK board of concealing how much Morgan Stanley stands to earn from making downward adjustments to the software manufacturer’s business projections in an effort to justify an underpriced sale to Brookfield.

The deal adviser is set to receive a $57 million fee for its fairness opinion—"wholly ...