WILMINGTON, Del. — An investor has filed a lawsuit in Delaware Chancery Court here alleging that the $2.8 billion offer to buy BJ’s Wholesale Club is “grossly inadequate,” according to reports.
The suit was filed Thursday after Westborough, Mass.-based BJ’s said its board of directors had unanimously agreed to accept a buyout proposal for $51.25 per share from Leonard Green & Partners and CVC Capital Partners.
A spokesperson for BJ’s could not be reached for comment.
The investor who filed the suit, Maxine Phillips, is seeking to represent all BJ’s shareholders, according to a report in the Boston Globe.
Accepting the $2.8 billion offer “effectively placed a cap on BJ’s corporate value,” the Globe quoted Phillips as saying, at a time when the stock was poised to recover in an improving economy.
