Following a hearing on June 12 at which the district court for the Northern District of Texas heard arguments challenging the merger of Hasting with companies affiliated with Joel Weinshanker, the judge prevented the merger from going forward before June 26, but did allow Hastings to begin distributing its proxy statement in connection with completing the deal.
Last week’s hearing occurred after a lawsuit was filed alleging that the proposed deal, for $3 per share, was too low. At the June 12 hearing, the court issued an order that prevented the deal from being closed before June 26, but did not rule on the plaintiffs' motions for expedited discovery, for preliminary injunction or for leave to amend their complaint.
In its press release, Hastings said will prepare the proxy material “as soon as practicable.”
