Lawsuit objecting to Iberdrola merger settled

It seems like some Energy East shareholders were not pleased with the pending $4.6 billion acquisition of the company by Iberdrola. Energy East reveals in an SEC filing dated Feb 29 that it settled a class-action lawsuit that sought to derail the deal.

Plantiffs alleged that Energy East directors breached their fiduciary responsibility, and failed to get a fair price for the company. Energy East denied the allegations.

On Sept. 26, 2007, the suit was settled, with Energy East agreeing to disclose more information that was contained in a proxy statement that was mailed to shareholders. Energy East also agreed to pay the $340,000 in legal fees for the plantiffs.

As an Energy East shareholder, do you think the $28.50 per share price for the company was adaquate?