Prudential plc announced that it is no longer seeking an injunction against AIG to halt its talks with American General, but it isn’t dropping its lawsuit, and will continue to seek monetary damages.
The injunction request, filed last week in a Texas court, was based on allegations that AIG had failed to file the required documents with the Securities and Exchange Commission concerning its proposal to acquire Am Gen. AIG filed them last Thursday, and Pru therefore dropped its request for an injunction. Yesterday’s scheduled hearing on the request was canceled.
While both Pru and Am Gen continue to state that their merger agreement is still in force, it still appears that AIG’s bid is superior, and that it will eventually be accepted by Am Gen’s board and its shareholders.
Was this article valuable?
Here are more articles you may enjoy.