Suit Hits Armor All Sale
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ALISO VIEJO — Clorox Co. said a shareholder lawsuit was filed against it over the company’s planned $408-million purchase of Armor All Products Corp. in Aliso Viejo.
The lawsuit, filed in Delaware earlier this month, said that Oakland-based Clorox, Armor All and McKesson Corp., which controls a 55% stake in Armor All, agreed to Armor All’s sale for a per-share price that was less than that offered by another group. As a result, the companies breached their fiduciary duty to shareholders, according to the suit.
Clorox, which is offering $19.09 a share for the maker of car products, denied the charges and said it doesn’t expect the suit to delay the completion of the deal.
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