Wrigley board under fire over Mars deal

William Wrigley Jr, chairman of the chewing-gum maker bearing his name, is one of 10 directors sued by a shareholder claiming the board failed to get the best price when it agreed to a $23 billion buyout by Mars Inc.

Mars, backed by billionaire Warren Buffett, this week announced an agreement to buy Chicago-based Wm Wrigley Jr Co for $80 a share, 28 percent more than its April 25 closing price. The resulting closely held business would be the world's largest candy company.

In a complaint filed on Wednesday (local time) in the US District Court in Chicago, shareholder Robert Garber of Pennsylvania said the Wrigley board agreed to sell at a time when shares were expected to rise, keeping smaller investors from sharing in the bounty.