Law Firm Investigating Fisher Board's Rejection Of Buyout Deal
February 7, 2011 at 4:53 AM (PT)
LEVI & KORSINSKY, which has previously announced an investigation of the CITADEL BROADCASTING board's refusal to consider a bid by CUMULUS (NET NEWS 2/3), is now similarly investigating FISHER COMMUNICATIONS and its rejection of a merger deal proposed by HUNTINGDON REAL ESTATE INVESTMENT TRUST.
The investigation involves FISHER's board's refusal of the proposed deal, which would have seen the HUNTINGDON REIT acquire all outstanding shares of FISHER common stock for 3.58 units of the HUNTINGDON REIT or 1.79 HUNTINGDON units plus $12 cash per FISHER share, implying a price of $23.99 per FISHER share.
The LEVI & KORSINSKY investigation asks whether FISHER's board "breached their fiduciary duties to FISHER stockholders by rejecting HUNTINGDON's proposal" and notes FRONTFOUR CAPITAL GROUP's move to nominate its own slate of four candidates for the FISHER board.