First Data Shareholder Sues for Higher Bid

DENVER – A shareholder of First Data Corp. filed suit yesterday to block the huge $29 billion takeover of the company, saying the payments processor is worth more than the $34-a-share offered by private equity giant Kohlberg Kravis Roberts & Co. The purported class action suit seeks a court order blocking the deal, one of the biggest buyouts ever, “until the company adopts and implements a procedure or process to obtain the highest possible price.” A ‘go-shop’ provision in the takeover deal allows First Data to shop for a better deal than the KKR offer, which the suing shareholder, Chris Larson, said is “wholly inadequate”. The KKR offer represents a 26% premium on the closing price of First Data shares the Friday before the deal was announced.