posted by Thom Holwerda on Fri 8th May 2009 22:10 UTC
IconSun Microsystems shareholders have filed three separate class action lawsuits to block a $7.4 billion acquisition by Oracle, the company revealed in a 10-Q filing with the Securities and Exchange Commission. The lawsuits allege Sun's board didn't live up to its fiduciary responsibilities to shareholders when it accepted Oracle's acquisition offer, saying "the consideration offered in the proposed transaction is unfair and inadequate."
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