July 13, 2007
The recent settlement in a lawsuit challenging the pending sale of Ceridian Corp., in which BLB&G was lead counsel, has received widespread coverage from various media outlets including Bloomberg News, Reuters, and Pioneer Press. According to the settlement, Ceridian has agreed to remove several provisions in its merger agreement with Thomas H. Lee and Fidelity National that had effectively thwarted competing merger offers from being presented.
According to the Bloomberg News, BLB&G Partner Jerry Silk states, "The new agreement allows for an open process that could and should lead to more bidding that will lead to a higher per-share offer...Our settlement has removed obstacles that encumbered the sale process. Additionally, Reuters quoted Mr. Silk as saying, "These suits are an effective tool to make sure that the boards of these companies understand that they have to do what's right for shareholders. If you put yourself up for sale, you have to go out and get the best price."
