A pension fund sued Foundation Building Materials Inc. in Delaware Chancery Court, seeking company files to probe the drywall distributor’s $1.37 billion take-private buyout by American Securities LLC in a deal led by its controlling stockholder, Lone Star Funds.
“The sale process was to further Lone Star’s interest, not the interests of the company and all its stockholders,” the complaint says. “Lone Star controlled the timing, structure and negotiation of the potential transactions, determined the company’s responses, and pushed through the merger.”
The lawsuit—docketed Monday by the Firefighters’ Pension System of the City of Kansas City, Mo. Trust—seeks Foundation company ...
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