The lawsuits contend that AES’ offer to pay $30 in cash per common share of DPL stock is less than the company is worth, and that DPL’s board agreed to conditions which would make better, competing offers from other companies unlikely. Those conditions include the DPL board’s agreement not to solicit for competing offers, and for the company to pay multimillion-dollar fees if it terminates the merger, even to accept a better offer on behalf of the shareholders, according to the lawsuits.
DPL does not comment on litigation, company spokeswoman Lesley Sprigg said in an email response Thursday.
AES and DPL have said they believe the deal is a fair offer and will benefit DPL shareholders, who are to vote on it in mid-July after federal and state regulatory approvals have been obtained.
AES, based in Arlington, Va., has also committed to assume $1.2 billion in debt as part of the merger, increasing the value of the deal to $4.7 billion.
The lawsuits were filed in behalf of three people identified as DPL shareholders, Thomas Strobhar , Sandra Meyr and Laurence Paskowitz. They ask the court to approve the lawsuits as class-actions that would represent all DPL shareholders affected by the merger proposal.
Contact this reporter at (937) 225-2242 or jnolan@DaytonDailyNews.com.
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