Cox Radio Buyout Shareholder Suit Settled
September 10, 2009 at 4:39 AM (PT)
The shareholder lawsuit filed challenging the COX ENTERPRISES buyout of outstanding shares of COX RADIO has been settled. The suit claimed the share price was too low at $3.80/share, and COX ultimately raised the price to $4.80/share for the buyout.
The settlement must now be approved by a judge in DELAWARE Chancery Court. The company is proposing to pay the plaintiffs' lawyers' fees and expenses.