Evidently, current stockholders aren't too pleased about Magna Entertainment going private, or atleast with public stock being bought back for $7/share. From the Thoroughbred Times:
Magna Entertainment Corp. is the subject of several class-action lawsuits filed this week in Delaware, in which shareholders claim company officials violated their fiduciary duties in connection with the offer by parent company MI Developments Inc. to acquire all the outstanding shares of the racing operations unit’s public shares that MI Developments does not currently own.
Read the entire article here.
Posted by Oregon Racing News at July 20, 2004 07:18 AM