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Motorola Mobility Holdings Inc. and its chief executive officer, Sanjay Jha, were sued by a shareholder claiming they failed to get the best price when they agreed to sell the company for $12.5 billion to Google Inc.
Investor John W. Keating’s complaint, which was filed yesterday at the state courthouse in Chicago, also names Google and nine members of Motorola Mobilty’s board as defendants. The companies announced their agreement earlier in the day.
“The offered consideration does not compensate shareholders for the company’s intrinsic value and stand-alone alternatives going forward, nor does it compensate shareholders for the company’s value as a strategic asset for Google,” Keating claims.