M&F;, Perelman Get OK to Settle Lawsuit
Bloomberg News
COURTS
*
M&F; Worldwide Inc. won a judge’s approval to settle a lawsuit challenging the fairness of the company’s $128-million purchase of billionaire Ronald Perelman’s stake in movie camera maker Panavision Inc.
Licorice processor M&F; and controlling director Perelman were sued in Delaware Chancery Court in 2000 by shareholders who said the financier was selling his 83% stake in Panavision to get rid of an under-performing investment.
After a two-part trial, interrupted by a settlement offer rejected by a judge, Perelman agreed in July to take back his Panavision shares and return the cash and stock.
Shares of M&F; fell 11 cents to $4.64 on the NYSE.
