Case lodged at New York district court (file image/pixabay)
The self-styled Aegean shareholders calling themselves the committee for Aegean accountability are to challenge the Hellenic Environmental Center (HEC) acquisition in the US courts.
Aegean Marine Petroleum Network [NYSE: ANW] is in the process of acquiring oily waste disposal firm HEC in a cash-and-shares deal which will see Aegean founder Dimitris Melansides back as a major shareholder in the company.
But the shareholders' committee is seeking a temporary restraining order on the deal which it said would "result in the disenfranchisement and massive dilution of the current shareholders".
In addition, the committee's submission to the Southern District Court of New York said that the acquistiion was announced "in the face of board election in a transparent effort to entrench current directors".
The shareholders' committee, which represents around 13% of the company's stock, has put forward its own slate of directors for election to the Aegean board at the company's next annual general meeting.
Aegean's management has pointed to the synergies flowing from the HEC acquisition which it has said should contribute to the company's bottom line in 2018. On closing the deal, the company expects to appoint four new members to the board bringing the composition to eight.