Another Law Firm 'Investigating' Citadel Inaction On Cumulus Buyout Bid
February 3, 2011 at 4:00 AM (PT)
Another law firm is "investigating" CITADEL BROADCASTING's refusal to consider CUMULUS' takeover bid.
LEVI AND KORSINSKY issued a press release WEDNESDAY announcing its investigation, saying that it is concerned that the CITADEL board may not be acting in shareholders' best interests and that "the bond sale may constitute an act of entrenchment as it virtually ensures that the cost of CITADEL would be prohibitive to CUMULUS."
HARWOOD FEFFER LLP previously announced its own investigation of CITADEL's board (NET NEWS 1/25).