Power-One shareholder files suit over company's sale to ABB

A shareholder of Power-One Inc. has sued the company’s directors, claiming the $6.35 a share price paid by ABB (NYSE: ABB) for the company is too low, according to a report from Bloomberg.

The shareholder, Alejandro Becerra-Arteaga, said the company’s board breached its fiduciary duty by accepting the proposal, according to the report. In the complaint filed in Delaware Chancery Court, Becerra-Arteaga said “the consideration shareholders will receive is inadequate and undervalues the company.”

ABB and Power-One announced the agreement April 22, and the total price for the acquisition is around $1 billion.

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