Converium cites SCOR's exclusion of its US shareholders from particpating in offer in reasons for lawsuit...
Converium has filed a complaint in the US District Court for the Southern District of New York against SCOR and Patinex.
The complaint alleges that the defendants violated Sections 13(d), 14(d), and 14(e) of the Securities Exchange Act of 1934, as amended, because, among other things, (i) SCOR has unlawfully and unfairly excluded Converium's US shareholders, a group which we believe represents approximately 22% of Converium's outstanding shares, from participating in SCOR's unsolicited tender offer, and (ii) defendants failed to make proper disclosures in connection with their purchase and ownership of Converium securities.
Converium is seeking an expedited discovery and briefing schedule so as to permit a hearing on a motion for preliminary injunction before 22 May 2007, which (unless extended) is currently the last date on which Converium shareholders may tender shares in connection with SCOR's unsolicited tender offer.
Among other things, Converium is seeking an order enjoining SCOR from consummating the offer until SCOR and Patinex have complied with their obligations under the Williams Act, including SCOR extending the offer to Converium's US shareholders and ADS holders.
