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 Breaking Headlines

Shareholders Sue Lowrance Over Merger Deal

FEBRUARY 06, 2006 -- Lowrance Electronics and the members of its board have been named as defendants in a purported stockholder class action lawsuit filed in Oklahoma state court which seeks to enjoin the recently announced proposed acquisition of all of the outstanding shares of Lowrance by a wholly owned subsidiary of Simrad Yachting AS for $37 per share in cash.

Neither Simrad Yachting or its subsidiary have been named as defendants in the lawsuit. The lawsuit alleges that the board breached its fiduciary duties by entering into the acquisition agreement with Simrad and its subsidiary, and by not making adequate disclosure in its SEC filings concerning the proposed acquisition. The company and the individual director defendants believe the lawsuit is without merit and intend to vigorously defend against it.


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Categories
Sporting goods industry
Mergers & acquisitions
Defendants
Class-action lawsuits

Companies
Lowrance Electronics Inc.
Simrad

Concepts
action lawsuit
acquisition agreement
fiduciary duties
outstanding shares
purported stockholder





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