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Lawsuit filed against Aegean’s H.E.C. acquisition

12 Mar 2018

The Committee for Aegean Accountability Thursday filed a lawsuit at a US court in the Southern District of New York against Athens-based international bunkering firm Aegean Marine Petroleum Network (Aegean).

The activist investors were seeking a temporary restraining order to stop Aegean’s acquisition of maritime and offshore waste treatment firm H.E.C. Europe Limited (H.E.C.), according to a filing obtained by The Wall Street Journal.

The investors believed Aegean was conducting “a corrupt corporate acquisition” and the acquisition will “line the pockets” of Aegean’s founder; the development is also designed to block efforts by the activist investors to nominate their own group of ‘highly qualified’ candidates to the Aegean board.

Aegean “announced this patently unfair transaction in the face of a contested board election in a transparent effort to entrench current directors,” the investors said in the lawsuit.

“The proposed acquisition would be just the latest in a long history of interested corporate actions, sanctioned by an obedient and self-serving board of directors.”

Related: Aegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
Related: Aegean shareholders ‘gravely concerned’ over board’s silence
Related: Shareholders nominate ‘highly qualified’ candidates to Aegean board
Related: Aegean Marine Petroleum Network under shareholder pressure

Published: 12 March, 2018

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