We posted previously at LawPundit in our posting A Private Equity Joint Bid (“Club Deal”) for Acquisition of a Target Company held Not per se Illegal under the Sherman Act about “a private equity antitrust class action collusion suit (Pennsylvania Avenue Funds v. Edward Borey, et al., No. C06-1737RAJ, W.D. Wa.) which was dismissed on February 21, 2008 by Judge Richard Jones in what appears to be a case of first impression, holding that a joint bid by private equity firms (a so-called “club deal”) is legal under the circumstances of that case.“
Thomas Kirchner, CFA, President & Portfolio Manager of The Pennsylvania Avenue Funds, now has a posting at his blog, The Deal Sleuth, titled Watchguard Private Equity Antitrust Litigation: The Sequel in which, inter alia, he writes that:
“The dismissal of the anti-trust litigation against Watchguard and private equity funds Vector Capital and Francisco Partners got all the headlines (here, here, here) a couple of months ago, but a recently filed amendment to the lawsuit over directors’ breach of fiduciary duty makes much more fascinating reading than the somewhat dry anti-trust case.“
Read more at The Deal Sleuth.