Guitar Center Can Vote on Acquisition

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Guitar Center Inc. can still hold a vote of shareholders on Sept. 18 to seek approval of its $63-a-share acquisition offer from buyout firm Bain Capital Partners LLC, a judge ruled Friday.


Lawyers for an investor who owns one share failed to prove that the $1.9 billion buyout process was unfair, Judge Leo Strine Jr. said after a hearing Friday in Delaware Chancery Court.


The Westlake Village retailer announced in June that is was selling to Boston-based Bain. Mary Benton, the investor, sued the company immediately after seeking class-action status for the challenge to the sale.


The deal is expected to be approved.

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