Robbins Umeda LLP Announces an Investigation of SureWest Communications
07 Febrero 2012 - 5:00AM
Business Wire
Shareholder rights firm Robbins Umeda LLP has commenced an
investigation into possible breaches of fiduciary duty and other
violations of the law by members of the board of directors of
SureWest Communications (NASDAQ: SURW) in connection with their
efforts to sell the company to Consolidated Communications
Holdings, Inc. (NASDAQ: CNSL). Concerned shareholders who would
like more information about their rights and potential remedies can
contact attorney Gregory E. Del Gaizo at (800) 350-6003,
info@robbinsumeda.com, or via the shareholder information form on
the firm's website.
On February 6, 2012, it was announced that SureWest entered into
a definitive merger agreement pursuant to which Consolidated
Communications will acquire all outstanding shares of SureWest's
common stock in a cash and stock transaction. According to the
terms of the deal, SureWest's shareholders may elect to exchange
each share of SureWest common stock for either $23.00 in cash or
shares of Consolidated Communications common stock having an
equivalent value based on average trading prices for the 20-day
period ending two days before the closing of the acquisition,
subject to a collar. Overall elections are subject to proration
such that 50 percent of the SureWest shares will be exchanged for
cash and 50 percent for stock. The transaction is expected to close
in the third or fourth quarter of 2012.
Robbins Umeda LLP's investigation focuses on whether SureWest's
Board is undertaking a fair process to obtain maximum value and
adequately compensate shareholders. On October 27, 2011, SureWest
announced better than expected financial results for the third
quarter of 2011. The company reported quarterly revenue of $63
million, while analysts polled by Bloomberg had expected earnings
of only $61.6 million. Additionally, the company's positive
performance is highlighted by SureWest's 3% year-over-year revenue
growth.
Robbins Umeda attorneys highlight that SureWest shareholders
have the option to file a class action lawsuit against the company
to secure the best possible price for the company's shareholders
and the disclosure of material information to shareholders so they
can vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/surewest-communications/
Attorney Advertising. Past results do not guarantee a similar
outcome.
Surewest Communications (NASDAQ:SURW)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Surewest Communications (NASDAQ:SURW)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
Real-Time news about Surewest Communications (MM) (NASDAQ): 0 recent articles
Más de Robbins Umeda LLP Artículos de Noticias