The plaintiff alleges that the defendants breached their
fiduciary duties by agreeing to sell the company too cheaply via an unfair
process to Sinclair Broadcast Group, Inc.
On April 11, 2013, Sinclair Broadcast Group, Inc. and Fisher
Communications, Inc. announced that they have entered into a merger agreement
whereby Sinclair Broadcast Group, will acquire Fisher Communications in a
merger transaction valued at approximately $373.3 million. Under the terms of
the agreement, Fisher Communications shareholders will receive $41.00 in cash
for each share of Fisher Communications common stock they own.
However, the plaintiff claims that the $41.00-offer is too
low and undervalues the company.
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