Investment firms holding Skechers shares are suing for a better deal than the $63 per share price by 3G Capital in a $9.4 billion takeover. Hedge funds, including AQR Capital Management affiliates, filed suits in Delaware to get a higher price through an appraisal action after the merger closed on September 12.

The deal was priced at a 30% premium to Skechers’ stock price prior to the acquisition, as confirmed by investment firm 3G Capital. At least five cases have been filed involving more than 10 million shares being appraised. Settlement discussions between Skechers and the claimants have not yet reached a resolution.

Shareholders were not given a vote on the merger, approved by the Greenberg family owning 58% of the voting stock. Delaware law allows shareholders to seek appraisal in buyouts under certain conditions. Previously, hedge funds used an “appraisal arbitrage” strategy, which was later ended by Delaware lawmakers.

In addition to appraisal cases, a class action lawsuit challenges the merger deal, alleging it was structured to benefit the Greenbergs rather than all Skechers investors. Delaware judges often consider the deal price as the fair value of the stock in a well-run sale process. Skechers and 3G Capital have declined to comment on the ongoing legal actions.

Read more at Yahoo Finance: Investor challenges pile up over price of 3G Capital’s Skechers deal