Tuesday, April 23, 2013

Lawsuit Filed To Stop Sinclair-Fisher Deal

The Shareholders Foundation, Inc. announces that an investor has filed a lawsuit to stop the proposed takeover of Fisher Communications, Inc. by Sinclair Broadcast Group, Inc. for $41.00 per FSCI share.
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. 

No comments:

Post a Comment