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HP-EDS deal price at issue in court hearing
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2008/07/23 03:59
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| A shareholder group is trying to pressure Electronic Data Systems Corp. into demanding more than the $13.2 billion that Hewlett-Packard Co. has offered for the technology services company. The group said Monday it intends to ask a judge in Collin County, Texas, to postpone the shareholder meeting EDS has scheduled for July 31, when investors are scheduled to vote on whether to approve HP's takeover of the Plano, Texas-based company. A hearing is set for Thursday on the group's request. The group believes that the EDS board agreed to sell the company for too little money. HP is offering $25 per share for EDS, a nearly 33 percent premium over where EDS stock stood before the proposed acquisition was announced in May. Including debt held by EDS, HP values the acquisition at $13.9 billion. |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website and help you redesign your existing law firm site to secure your place in the internet. |
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