TULSA, Okla. - Lowrance Electronics, Inc., and Lowrance's board of directors, have entered into an agreement in principle to settle the stockholder class action lawsuit brought against both parties by stockholders in opposition to the tender offer and merger transaction with Simrad Yachting AS and Simrad Yachting's wholly owned subsidiary, Navico Acquisition Corp., the company reported this morning.
Under the agreement in principle, Lowrance, Simrad Yachting, Navico and their respective advisors would be released from all claims that have been brought or could have been brought under state or federal law arising out of, or related to, the tender offer and any subsequent merger, according to the Lowrance release.
In consideration for the settlement and dismissal with prejudice of the action and the releases, Lowrance agreed to include additional disclosures in its filings with the Securities and Exchange Commission and not to oppose a fee application by plaintiff's attorneys of $325,000.
The additional disclosures were included in a document filed by Lowrance with the SEC on Feb. 23. The proposed settlement is subject to customary conditions, such as the completion of reasonable confirmatory discovery in the action by plaintiff's counsel and court approval.
- For more of the latest news, click here.