Byron Trott, Weber Board Sued Over $2.3 Billion Buyout Deal (1)

Former Weber Inc. investors are challenging the grill maker’s $2.3 billion take-private sale to billionaire investment banker Byron Trott.

Two ex-shareholders filed a lawsuit in Delaware’s Chancery Court, targeting Trott, his private equity firm, and Weber board members who signed off on the $8.05-a-share “squeeze-out” deal with BDT Capital Partners LLC, which allegedly controlled 62% of the company before the transaction.

The proposed class action says negotiations between Weber and Trott—who led the company through a 2021 initial public offering at $14 a share—were a “sham” rigged to reach a favorable result for the finance veteran, a former top ...