Special Committee of Board of Directors of Rewards Network reaches settlement in class action lawsuit challenging tender offer by EGI Acquisition
Clients Special Committee of the Board of Directors of Rewards Network, Inc.
Jones Day represented the Special Committee of the Board of Directors of Rewards Network, Inc. ("Rewards Network") in a class action lawsuit filed in November 2010 in Illinois state court by Discovery Partners, a shareholder of Rewards Network, on behalf of all holders of Rewards Network's common stock (other than Defendants and their affiliates), challenging the proposed tender offer by EGI Acquisition, L.L.C. ("EGI Acquisition"), an affiliate of Equity Group Investments, L.L.C. (collectively "EGI"), to acquire all of the shares of Rewards Network common stock not owned by EGI Acquisition. Plaintiff asserted claims for breaches of fiduciary duty against the members of the Company's board of directors, failure to disclose against the Company and the directors, and coercion and aiding and abetting against EGI. On November 30, 2010, the parties reached a settlement of the lawsuit, pursuant to which Rewards Network filed with the SEC an amendment to the previously filed Schedule 14D-9 that included certain additional disclosures.
Discovery Partners v. Blake, et al., No. 10 CH 48639 (Illinois Circuit Court)