Three pension funds sued the board of Emergency Medical Service Corp (EMS.N) and Bank of America Merrill Lynch (BAC.N) on Tuesday for what they said were conflicts in agreeing to sell the company at a below-market price. The shareholders accused the board of acting on behalf of EMS's the biggest shareholder by agreeing to a sale to private equity firm Clayton, Dubilier & Rice for $64 a share, 9 percent below its market price from the previous trading session. [ID:nN14278970] The pension funds said Canadian private equity firm Onex Corp (OCX.TO), which controls 82 percent of EMS voting power even though it only holds 31 percent of the equity, wanted to cash out of its investment and ignored smaller investors.
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