Court OKs Samsung’s Higher AST Price

IRVINE —  Samsung Electronics Co. won approval in Delaware state court Tuesday to add $9.3 million to its purchase price for computer maker AST Research Inc.

The settlement increased the price for Irvine-based AST to $5.40 a share from $5.10 a share. “The $5.40 per share obtained was an excellent result given the financial condition of AST at the time,” said Jonathan Plasse, an attorney for AST.

AST’s financial problems--the company had lost money every year since 1993--weakened its bargaining power, he said.

Samsung made the original offer in January to buy the rest of AST it didn’t already own. AST shareholders challenged Samsung’s bid by filing 11 lawsuits in Delaware Chancery Court, claiming the offer was too low.

The settlement was worked out during the summer, and Samsung completed the $477-million acquisition, including debt, in August. The court’s approval ends the lawsuits.

South Korea-based Samsung also has agreed to pay as much as $985,000 in shareholder legal fees, which would cover the Delaware cases and a similar suit that was filed in California.