The New York-based law firm of Levi & Korsinsky has filed a class action suit against Marvel Entertainment challenging the proposed acquisition of Marvel by the Walt Disney Co. (see “Disney Buys Marvel”).  The transaction in which Marvel shareholders received $30 in cash per share plus .745 Disney shares for each Marvel share totals approximately $4 billion.  The class action complaint alleges that the consideration offered is inadequate because it is less than the intrinsic value of Marvel.

The deal, which is expected to be consummated prior to the end of 2009 pending regulatory and stockholder approvals, was an expensive one.  It values Marvel at 37 times its estimated 2009 earnings and offered Marvel shareholders a 29% premium over the pre-deal stock price.