A Palm Beach County circuit judge will not block a
sharholder’s vote on the sale of the Wackenhut Corp. to
Danish security firm Group 4 Flack. This gives Wackenhut a
win in what is the first phase of its legal fight over the
$573 million deal.
In early March, Group 4 Flack said it would buy Wackenhurt, the largest security company in the United States, to tap a growing market in the wake of Sept. 11.
According to an article by Knight-Ridder Business News, the ruling is the first major victory by either side in the lawsuit filed by a handful of shareholders who want to block the sale because it undervalued a class of Wackenhut stock.
Michael Burman, a lawyer representing Chairman George Wackenhut in the case, says in the article “what happens now is that the vote will go forward and, if approved, the sale then moves toward closing.”
