Shareholder John W. Keating filed a complaint against Motorola Mobility and CEO Sanjay Jha claiming the mobile phone company sold itself to Google for pennies on the dollar.
The Google deal will pay each shareholder $US40 a share, a 63% increase over the stock’s closing price last week, According to Keating’s complaint, this sum undervalues the worth of the Illinois company. He is seeking class-action status and wants to block the sale.
I don’t know about you, but if I got a 63% return on my investment, I would take the money and run. [Business Week]