The Shareholders Foundation Sues To Block Fisher-Sinclair Deal
April 23, 2013 at 3:59 AM (PT)
THE SHAREHOLDERS FOUNDATION, INC. has filed suit to block the sale of FISHER COMMUNICATIONS, INC. to SINCLAIR BROADCAST GROUP, INC. SINCLAIR recently announced its acquisition of FISHER for $41 per share. The plaintiff alleged that "the defendants breached their fiduciary duties by agreeing to sell the company too cheaply via an unfair process."
"(T)he $41-offer is too low and undervalues the company," THE SHAREHOLDERS FOUNDATION alleged in a press release. "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 16th, 2013, as high as $41.39 per share. Furthermore the plaintiff alleges that the takeover process is also unfair to FSCI stockholders."