Nick Brown, Reuters via Huffington Post
A pension fund that holds shares of NYSE Euronext has sued the exchange operator over its proposed $8.2 billion sale to IntercontinentalExchange Inc, saying the deal undervalues the company’s stock.
The New Jersey Carpenters Pension Fund late on Friday filed a complaint in New York State Supreme Court in Manhattan contending that NYSE Euronext breached its duty to maximize returns for shareholders. The lawsuit seeks class action status on behalf of other NYSE Euronext shareholders and aims to block the sale.
It is the second such lawsuit filed against the exchange operator since the deal was announced on Thursday. An individual shareholder, Samuel Cohen, filed a proposed class action in Delaware Chancery Court on Friday that also seeks to prevent the buyout from going forward.