Groove lawsuit offers acquisition details

The lawsuit by an ex-Groove Networks executive has revealed some of the details that were kept quiet with regards to the company's pending takeover by Microsoft.

According to a Boston Globe report, the lawsuit by former executive VP Michael Matthews pegs the purchase price for Groove at $120 million. Microsoft did not provide any of the financial details when it announced the deal on March 10.

As we noted last week, the Delaware judge overseeing the case blocked Matthews' attempt for a restraining order to halt the deal. The Globe article said that the judge did leave room for Matthews to amend the suit seeking a different distribution of the deal's proceeds. According to the Globe and other reports, Matthews' suit charges that the deal does not adequately represent the interests of some Groove workers that were granted common or preferred stock.

Tags:
Tech Culture
About the author

    During her years at CNET News, Ina Fried has changed beats several times, changed genders once, and covered both of the Pirates of Silicon Valley. These days, most of her attention is focused on Microsoft. E-mail Ina.

     

    Join the discussion

    Conversation powered by Livefyre

    Show Comments Hide Comments
    Latest Galleries from CNET
    Best mobile games of 2014
    Nissan gives new Murano bold style (pictures)
    Top great space moments in 2014 (pictures)
    This is it: The Audiophiliac's top in-ear headphones of 2014 (pictures)
    ZTE's wallet-friendly Grand X (pictures)
    Lenovo reprises clever design for the Yoga Tablet 2 (Pictures)