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Bristow Group Sued for Records Over Era Merger Payout Preference

June 11, 2020, 8:26 PM

Bristow Group Inc., which provides industrial helicopter services, was sued for records in Delaware by a shareholder looking to probe suspicions that its board gave preferred investors more shares than necessary in its merger with Era Group Inc.

The Chancery Court lawsuit targets the all-stock deal, scheduled to close Thursday, which valued Bristow at $876 million. The merger technically made it a subsidiary of Era—one of the world’s largest helicopter fleet operators—and then renamed the combined company Bristow.

Following the deal, the new Bristow will be 23% owned by former Era shareholders and 77% controlled by former Bristow investors, ...