News / Unhappy Atlas Air shareholders take legal action over directors' 'push' to sell

© Gajus

The board of Atlas Air has been accused in court of misleading shareholders by pushing them to vote for a merger which, allegedly, would enrich themselves and senior executives, but may not be in the best interests of stockholders.

Atlas announced in August it was to be acquired by an investor group, led by Apollo, for $5.2bn and recommended shareholders vote for the deal. They would receive $102.50 per share in cash, a 57% premium to 30-day volume-weighted average trading price.

But ...