A group of investors has filed a class action lawsuit in San Diego federal court to stop Tesla’s acquisition of battery and ultracapacitor innovator Maxwell Technologies. Bloomberg Terminal reports (via Electrek) that the litigants are calling the price of $4.75 per share (over $200 million total) and the process that led to the deal “unfair.”
This sort of rebellion by a group of investors is not unusual in the world of corporate acquisitions, and it’s unclear at this point whether the deal is in jeopardy or not.
Maxwell’s board unanimously approved Tesla’s offer. However, Electrek reports that the deal was a long time in the making – the two companies had been in discussions for years, and there was a lot of back and forth about the price. Tesla made several offers that were refused before the two sides came to an agreement.