John W. Keating, a Motorola shareholder, wants to sue the board of the American. He says the price that Google paid for Motorola Mobility is too low. He therefore wants to stop the sale immediately.
The bid from Google which the Motorola management agreed with was 63 percent higher than the shareprice of Motorola on the day the deal was announced. Google want to bu the company for $ 12.5 billion. That, according to Keating, is not enough. The management of Motorola's has not done its best effort to find a better buyer, says the angry shareholder.
Class Action
Although the price is higher than the accumulative shareprice, it does not reflect the potential of Motorola Mobilty as an independent company, says Keating. Also, the price does not reflect the value Motorola Mobility has for Google. Keating is still on his own, and has therefore initiated a class action in which a group of people is going to court to press charges.
Source: Businessweek.com