An investigation on behalf of investors of Lumos Networks Corp (NASDAQ:LMOS) in connection with the proposed takeover was announced and NASDAQ:LMOS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/01/2017 -- The takeover of Lumos Networks Corp is under investigation over potential wrongdoing. The investigation was announced on behalf of investors, who currently hold NASDAQ:LMOS, concerning whether the takeover of Lumos Networks Corp. by EQT Infrastructure investment for $18 per share is unfair to NASDAQ:LMOS stockholders.
Investors who purchased shares of Lumos Networks Corp (NASDAQ:LMOS) and currently hold any of those NASDAQ:LMOS shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm concerns whether certain directors of Lumos Networks Corp breached their fiduciary duties owed to NASDAQ:LMOS investors in connection with the proposed acquisition.
On February 20, 2017, Lumos Networks Corp announced that it has entered into a definitive agreement to be acquired by the EQT Infrastructure investment strategy for $18.00 per share, resulting in an enterprise value of approximately $950 million.
However, giving that at least one analyst has set the high target price for NASDAQ:LMOS shares at $21.00 per share, the investigation concerns whether the offer is unfair to NASDAQ:LMOS stockholders. More specifically, the investigation concerns whether the Lumos Networks Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
On February 28, 2017, NASDAQ:LMOS shares closed at $17.71 per share.
Those who are current investors in Lumos Networks Corp shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego