Dial shareholder settlement
This article was originally published in The Rose Sheet
Executive Summary
Dial announces proposed settlement of all shareholder lawsuits filed against the firm relating to Henkel's proposed acquisition of the company. Under terms of the agreement, Dial and Henkel will reduce proposed termination fee payable by Dial to Henkel from $110 mil. to $85 mil., firm reports. The settlement is subject to court approval and consummation of the pending merger, Dial notes. The lawsuits, filed after Henkel and Dial announced the acquisition in December, allege Dial's board of directors "breached its fiduciary duties by agreeing to enter into the merger agreement with Henkel on the terms provided." Shareholders will vote on proposed acquisition March 24 in a special meeting at Dial's Scottsdale, Ariz. headquarters (1"The Rose Sheet" Feb. 23, 2004, In Brief)...