Protecting the Rights of Shareholders and Consumers
Marvel Entertainment, Inc. Securities Litigation
Marvel Entertainment, Inc. (NYSE: MVL) shareholder litigation over alleged unfair takeover
On August 31, 2009, Marvel Entertainment, Inc. (“Marvel” or the “Company”) announced that it agreed to sell the Company to Walt Disney Co. ("Walt Disney") (NYSE: DIS). Under the terms of the agreement, Marvel shareholders would receive a total of $30 per share in cash plus approximately 0.745 Disney shares for each Marvel share they own for a total transaction value of approximately $4 billion. The transaction values Marvel shares at approximately $50 per share, based on the $26.84 closing price of Walt Disney stock the day prior to the announcement. The average closing price of Walt Disney stock for the six month period prior to the announcement is approximately $22.60 per share.
For fiscal year 2008, Marvel has reported revenues of $676 million and net income of $205 million, as compared to revenues of $485 million and income of $139 million for fiscal year 2007.
The investigation concerns whether the Marvel Board of Directors breached their fiduciary duties to Marvel shareholders by failing conduct a fair an open sales process in order to maximize shareholder value.