Ex-Groove exec loses initial bid to nix Microsoft deal
C|Net | at | by Mike
An ex-Groove Networks executive suffered a legal setback on Friday in his bid to block Microsoft's takeover of his former company.
A Delaware Chancery Court judge refused to grant Michael Matthews' request for a temporary restraining order blocking the deal, according to a statement released by Groove. Matthews is a principal investor in Groove and a former executive vice president who left the company in April 2002.
"Mr. Matthews' attempt to block the acquisition of Groove Networks by Microsoft by way of a temporary restraining order was denied this afternoon in Delaware Chancery Court by Chancellor William B. Chandler III," Groove said. "Groove Networks and Microsoft are proceeding toward closing of the transaction according to the terms of the merger agreement."