An Arbitron shareholder doesn’t believe shareholders of the audience ratings firm will get enough money from Nielsen’s proposed buyout.
That’s why Joseph Pace has filed a lawsuit in Delaware Chancery Court asking a judge to stop the Arbitron sale.
Bloomberg reports that Pace claims Arbitron’s break-up fee of $32.7 million plus a provision in confidentiality agreements signed by other bidders ensure any legitimate bidder has “effectively been shut out of the process.”
We reported in December Nielsen agreed to buy Arbitron for some $1.26 billion in cash.
The deal still requires regulatory approval; Pace is asking the court to block the sale until Arbitron adopts procedures to get “the highest” price possible for shareholders, according to the account.
Arbitron is not commenting on the suit.
Nielsen Will Acquire Arbitron