The Learning Co Inc is now facing legal action from shareholders seeking to block its proposed $3.8bn merger with Mattel Inc. The education and entertainment software company has confirmed that purported class action lawsuits have been filed in a Delaware court on behalf of certain stockholders who allege that the company’s board breached its fiduciary duty in approving the deal. It seems the shareholders behind the suit reckon that TLC is worth more than the $33 per share Mattel is offering, based on the company’s anticipated operating results. The suits seek to stop the deal from going through and ask for unspecified damages. TLC issued a statement in which said it said it believes the complaints are without merit and that it intends to contest them. The deal is currently expected to close in March or April of next year.
