Order Enjoins Citigroup From Continuing to Take any Action to Enforce Terms of Exclusivity Limitations against Wachovia or Wells Fargo
Mary Louise Guttmann and Leslie M. ("Bud") Baker, shareholders of Wachovia Corporation, announced that the Mecklenburg County General Court of Justice, Superior Court Division, today issued a temporary restraining order prohibiting Citigroup, Inc. from taking any action to enforce any of the provisions regarding the exclusivity limitations in the letter agreement between the two companies dated September 29, 2008. In addition, the Court's order prohibits Citigroup from filing or continuing any legal action against Wachovia or Wells Fargo to enforce the terms of the exclusivity limitations; making public representations about the validity of the exclusivity limitations; and making public representations about the invalidity of the Wachovia/Wells Fargo merger agreement.
Ms. Guttmann and Mr. Baker said, "We are delighted that Judge Robert Johnston has agreed that Citigroup should be prohibited from attempting to enforce what it has incorrectly claimed were lawful exclusivity provisions in the letter agreement between Wachovia and Citigroup.
"We are especially pleased that Judge Johnston directed Citigroup to take no action attempting to utilize those provisions, or to make any public statement that casts doubt on the validity of the Wachovia/Wells Fargo merger agreement.
"Furthermore, we commend Wachovia's Board of Directors for putting the interests of shareholders first by accepting the superior proposal from Wells Fargo.
"We look forward to the opportunity to vote on the Wachovia/ Wells Fargo merger."
