Twin River Worldwide Holdings Inc. and its board have settled an asset manager’s Delaware lawsuit challenging a stock buyback that diluted the value of certain investments, but the suit’s derivative claims can be refiled by another shareholder.
The agreement, disclosed Tuesday, resolves Chancery Court allegations that the company’s board arranged the buyback in an effort to increase the ownership stake of Standard General LP, a hedge fund led by one of its directors.
Twin River, which denies any wrongdoing, will cover some of the legal fees incurred by plaintiff Chatham Asset Management LLC, according to the joint court filing. In ...
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