A Texas court has cleared the way for Hastings to move ahead with its merger with companies controlled by Joel Weinshanker. Hastings has set a July 15 date for a special shareholders meeting to get approval for the deal.
The merger had been held up by a lawsuit filed by some Hastings’ shareholders who are contending that the $3.00 per share purchase price is too low. A judge had issued a temporary restraining order in late May until he ruled on motions for expedited discovery and a preliminary injunction and that restraining order had been extended to June 26. However, on June 19, the judge denied those motions, although he did grant a motion for the shareholders to amend their complaint.
Freed from any court restrictions, Hastings set the special meeting for July 15. Hastings reiterated that it believes the lawsuit was “improperly and prematurely filed under Texas law,” and that it “intends to vigorously dispute these claims throughout the life of this litigation.”