Cox Radio Buyout Offer Increased; Another Suit Filed
April 29, 2009 at 5:27 AM (PT)
COX ENTERPRISES' COX MEDIA GROUP subsidiary is increasing its buyout offer for the outstanding shares of COX RADIO, raising the price from $3.80 to $4.80/share. The price is a 45.5% premium over the closing price on MARCH 20th, the last trading day prior to the commencement of the tender offer, and a 26.3% premium over the original offer. The tender offer will expire at midnight ET on MAY 13th.
Another class action has been filed against the COX ENTERPRISES/COX MEDIA GROUP buyout of outstanding shares of COX RADIO, with the law firm of BULL AND LIFSHITZ, LLP filing suit on behalf of named plaintiff DONALD DIXON in U.S. District Court in ATLANTA. The suit was announced TUESDAY (4/28) but was filed on APRIL 8th; it alleges that the tender offer is "unfairly coercive" and the SEC filing "omitted material information."
A previous proposed class action was filed against the deal earlier this month by the SHAREHOLDERS FOUNDATION.