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US: Horizon Lines announces settlement of merger litigation

By  |  February 15, 2015

Horizon Lines today announced it has reached an agreement in principle providing for the settlement and dismissal, with prejudice, of the consolidated putative class action complaint pending in the Delaware Court of Chancery.

The settlement will not affect the merger consideration to be paid to Horizon’s stockholders in connection with the Merger or the timing of the special meeting of Horizon’s stockholders scheduled for February 25, 2015.

Horizon and its board of directors believe that the claims in the actions are entirely without merit but are entering into this settlement because it will eliminate the risks, costs, and other burdens of litigation.

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