Lawson Software, Inc., revealed in a recent regulatory filing that it is settling several lawsuits filed by shareholders in connection with the company's planned acquisition, which it expects to close during the third quarter of this year.
Eight shareholder suits were filed against the St. Paul-based company since it announced in April that it accepted a $2 billion buyout offer from GGC Software Holdings, an affiliate of Golden Gate Capital and Infor.
Two of the suits, which were filed in the Delaware Court of Chancery, were consolidated and certified as a class-action lawsuit. Lawson settled that case on June 14, according to its SEC filing.
In its regulatory filing, Lawson did not disclose the terms of the settlement agreements.
The remaining six lawsuits were filed in Minnesota, and Lawson noted in its regulatory filings that it expected to reach an agreement with the plaintiffs of those cases around June 22. Lawson spokespeople were not available on Friday morning to confirm whether those agreements have been reached.
Media reports suggest that the lawsuits alleged that Lawson should have been able to find a better offer than the $11.25-per-share deal it got from Infor.
On March 8, Reuters broke the news that Lawson was eyeing a sale-causing the stock price to soar about 13 percent to close at $11.19.
Soon after, the company confirmed that it had received an unsolicited offer of $11.25 per share from Infor.
The stock price remained well above that figure-hitting a high of $13.06 on March 14-as some analysts predicted that Infor's bid would get trumped by a higher offer, most likely from Oracle.
But on April 26, Lawson announced that it had accepted Infor's buyout offer, stating that the offer was the best the company received.
Lawson's shareholders will vote on Wednesday to approve or reject the merger. The company's board unanimously approved the deal.