Blount approves merger deal despite lawsuit

A pair of New York private equity firms acquired the Milwaukie-based manufacturer in a $855 million deal, despite pending litigation.

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According to the company, holders of more than 75 percent of the company’s shares (NYSE: BLT) voted in favor of the merger. That added up to 36.2 million votes in favor, 478,038 against, and 195,889 abstained, according to a tally reported in a Blount security filing.

… Blount is facing a federal class-action lawsuit filed in Oregon district court last month by two shareholders who contend the company — particularly CEO Josh Collins and President David Willmott— intentionally reduced Blount’s financial projections “in order to justify a deal at a fire sale price,” the lawsuit states.

(READ MORE: Portland Business Journal)

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