Marvel Sued By Piranha Lawyers
Piranha lawyers at Levi & Korsinsky, in NY no less, have filed a class action suit against Marvel Entertainment challenging the acquisition of Marvel by Disney. The transaction, in which Marvel shareholders received $30 in cash per share plus .745 Disney shares for each Marvel share, totals pretty darn near $4 billion bucks. The lawsuit states that the $4 billion bucks offered “aint enough!” because it is less than the intrinsic value of Marvel.
The deal, which wraps up towards the end of 2009, valued Marvel at 37 times its estimated 2009 earnings and offered Marvel shareholders a 29% premium over the pre-deal stock price.
Just goes to show you, there’s no pleasin’ NY Piranhas when there’s more money to be had.
