Maxwell/Jones case rumbles on
Jones Apparel Group, Inc. has announced that it has withdrawn three of the four claims it filed last month when it told the court that Maxwell Shoe Co. had improperly tried to stop its $297 million hostile takeover of the Boston, MA company.
Jones had offered Maxwell Shoe stock holders $20.00 per share, an offer that Maxwell rejected as being too low. Maxwell said the offer should have been $22.50. Thus Jones filed a claim against Maxwell stating that Maxwell’s board had breached its fiduciary duties by setting a March 25 date for consent solicitations. That and two other claims were withdrawn by Jones.
According to Maxwell, Jones and its MSC Acquisitions Corp. unit had made “materially false and misleading statements and omissions” which violated federal securities. This claim against Jones is still pending.
