Weber, Byron Trott Settle Merger Suit for $19 Million (Correct)

Weber Inc. and billionaire Byron Trott have agreed to settle an investor class action challenging the grill maker’s $2.3 billion take-private sale and intend to pay more than $19 million to end the suit.

Weber’s board, Trott, BDT Capital Partners LLC, and other affiliated entities announced the proposed resolution to the consolidated suit in a stipulation and agreement of settlement Wednesday in Delaware’s Court of Chancery. Investors alleged the negotiations between Weber and Trott were a “sham” rigged to reach a favorable result for Trott, a finance veteran and former top investment banker at Goldman Sachs & Co. who’s reportedly ...