The company said its suit alleged certain officers and directors of Metromail failed to hold a fair auction of the company, and therefore breached their fiduciary duty to shareholders. American Business holds about 1 million Metromail shares.
American Business yesterday tabled an $850m (pounds 515m) offer, trumping GUS's $831 bid, agreed by Metromail's board.
The US company, whose offer is worth $33 a share, said it had previously given Metromail's board letters stating its intention to buy Metromail shares for more than $32 a share, subject to completion of due diligence. It had not completed the due diligence process when the GUS agreement was announced, according to the statement.
Under a confidentiality agreement, American Business could not make a tender offer without the consent of the Metromail board, it said.
American Business provides business information products and data processing services in the US and Canada.Reuse content