At least one XETA Technologies shareholder is taking legal action over the company's proposed sale to PAETEC Holding Corp., according to the Tulsa World:
In a lawsuit, David Petterson says the management team of Broken Arrow-based XETA has entered into a deal that greatly undervalues the worth of the company and shortchanges stockholders.
Filed Monday in Tulsa County District Court, the suit also seeks class-action status to represent all stockholders.
In addition to XETA and PAETEC as corporate entities, the lawsuit names as defendants several XETA officials: Ronald Siegenthaler, chairman of the board; Donald Duke, past chairman; Greg Forrest, president and CEO; and directors S. Lee Crawley, S. Eric Griimshaw, Robert Hisrich and Ozarslan Tangun.
Hera Corp., a wholly owned subsidiary of PAETEC founded for the purpose of acquiring XETA, is also named as a defendant.
As posted earlier, I'm taking an open mind on all this. But unless something pops up my inclination is to side with management in this.