ENERGY
From Times Staff and Wire Reports
Suit Filed Over Magma Power Takeover Bid: California Energy Co., pressing to acquire control of Magma Power Co., sued the company’s directors over steps they have taken to block the takeover. The suit, filed in U.S. District Court in Nevada, accuses the directors of breaching their fiduciary duty to shareholders. Omaha-based California Energy, which has launched a $434-million, $35-a-share cash tender offering for San Diego-based Magma, specifically targeted in the lawsuit “golden parachute” and “poison pill” provisions it says the board adopted to thwart the takeover.
