Shareholder Challenges Outlook Acquisition

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A lawsuit has been filed against printing company Outlook Group Corp. and its directors by a shareholder who is challenging the company's proposed acquisition by Vista Group Holdings LLC.

In March, Vista agreed to acquire Neenah, WI-based Outlook and take the printing, packaging and direct marketing company private in a cash transaction based on $13.50 per share. Vista is a holding company that was created for this acquisition.

The plaintiff, who claims to be a shareholder of Outlook Group, claims that the intrinsic value of the company is materially in excess of the amount of the merger consideration and that the Outlook Group Corp. and its directors violated a fiduciary duty to shareholders.

Outlook Group and its board of directors have reviewed the complaint and "believe it contains numerous inaccurate statements and is without merit," the company said in a statement on Monday.

Outlook Group is continuing with preparations for a special meeting of shareholders to vote on the merger. However, the litigation could delay the completion of the merger.

Vista investors include Calvin W. Aurand, retired chairman/CEO of Banta Corp., Milestone Partners and affiliates of John Hancock Life Insurance Co.

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