(MENAFN- ProactiveInvestors)Shares of Checkpoint Systems (NYSE:CKP) were up nearly 30% on Wednesday after the company agreed to an acquisition by an affiliate of CCL Industries (TSE:CCL.B) for $443mln in cash. The deal is $10.15 per share representing a 29% premium to Checkpoint's value. The board of directors of the manufacturer of loss prevention inventory management and labeling solutions unanimously approved the merger and shareholders will need to approve it at a future meeting. However talk of the transaction is not without controversy. Rigrodsky & Long P.A. announced it is investigating potential legal claims against the board of directors of Checkpoint regarding possible breaches of fiduciary duties and other violations of law related to the deal. More details of the proposed litigation here. Checkpoint's shares were last seen up 28.6% at $10.15. Toronto-listed CCL shares were up 10% at C$230.58.
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