Not So Fast / Waste Industries privatization effort leads to lawsuit.
Source: Waste Age, Feb 1, 2008 12:00 PM, By Chris Carlson
A class-action lawsuit alleges that Waste Industries USA, Raleigh, N.C., and its Board of Directors breached their fiduciary duties to shareholders in approving a $544 million deal to take the company private. Specifically, the suit claims the sale price "is unfair and inadequate because, among other things, the intrinsic value of Waste Industries' common stock is materially in excess of the amount offered, giving due consideration to the company's growth and anticipated operating results, net asset value and future profitability."