Saturday, June 15, 2024

Motorola Mobility Faces Suit Over $12.5 Billion Google Sale

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Bloomberg BusinessWeek: Motorola Mobility shareholder John W. Keating is suing the company and its CEO Sanjay Jha. The lawsuit claims that the $12.5 billion Google paid for the company wasn’t high enough, even though it was a 63 percent premium over the stock’s value at the time. “The offered consideration does not compensate shareholders for the company’s intrinsic value and stand-alone alternatives going forward, nor does it compensate shareholders for the company’s value as a strategic asset for Google,” says Keating.

Keating is seeking class-action status for the case and wants a court order that would prevent the acquisition from being finalized.

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