Fisher Communications, Inc. (FSCI) Investor Lawsuit to Stop Takeover by Sinclair Broadcast Group Announced by Shareholders Foundation
SAN DIEGO, April 22, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor, who holds shares of Fisher Communications, Inc. (FSCI), filed a lawsuit to stop the proposed takeover of Fisher Communications, Inc. by Sinclair Broadcast Group, Inc. for $41.00 per FSCI share.
Investors who purchased shares of Fisher Communications, Inc. (FSCI) prior to April 11, 2013 and currently hold any of those FSCI shares, have certain options and should contact the Shareholders Foundation, Inc. at firstname.lastname@example.org or call +1 (858) 779-1554.
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. Indeed, after the takeover announcement shares of Fisher Communications, Inc. rose in the open market above the current offer. In fact, FSCI shares traded on April 16, 2013, as high as $41.39 per share. Furthermore the plaintiff alleges that the takeover process is also unfair to FSCI stockholders.
On April 19, 2013, FSCI shares closed at $41.22 per share.
Those who currently are investors in Fisher Communications, Inc. (FSCI) shares and purchased a substantial amount of FSCI shares before the announcement have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc. Trevor Allen +1 (858) 779-1554 email@example.com 3111 Camino Del Rio North Suite 423 San Diego, CA 92108