Report: La. Fund Launches Suit to Block NYSE Takeover

A Louisiana pension fund is reportedly suing to block NYSE Euronext's NYX deal to be acquired by Deutsche Boerse amid disappointment with the price tag and the deal's “draconian” provisions aimed at blocking counterbids. According to The Wall Street Journal, the Louisiana Municipal Police Employees' Retirement System filed suit in New York state court in Manhattan on Friday in an attempt to halt the controversial takeover that would hand over control of the New York Stock Exchange to a German company. The lawsuit says the proposed transaction fails to deliver a “fair price” to NYSE public shareholders and says measures like a “no-shop” provision and a $343.7 million termination fee are “unreasonable and draconian,” the paper reported. Continue reading the article.