A lawsuit was filed for investors of Belo Corp (NYSE:BLC) in effort to stop proposed takeover and NYSE:BLC stockholders are encouraged to contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/17/2013 -- An investor, who currently holds NYSE:BLC shares, filed a lawsuit to stop the proposed takeover of Belo Corp by Gannett Co., Inc. for $13.75 per NYSE:BLC share.
Investors who purchased shares of Belo Corp (NYSE:BLC) prior to June 13, 2013, and currently hold any of those NYSE:BLC shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:BLC stockholders by agreeing to sell Belo Corp too cheaply via an unfair process to Gannett Co., Inc.
On June 13, 2013, Gannett Co., Inc. (NYSE: GCI) and Belo Corp. (NYSE: BLC) announced that they have entered into a merger agreement under which Gannett will acquire all outstanding shares of Belo Corp. for $13.75 per share in cash, or approximately $1.5 billion, plus the assumption of $715 million in existing debt for an enterprise value of approximately $2.2 billion. Belo Corp. said the offer represents a 28.1 percent premium to the closing price of Belo common stock on June 12, 2013.
However, the plaintiff claims that the $13.75-offer is too low and unfair to NYSE:BLC stockholders. Indeed following the takeover news NYSE:BLC shares increased to $13.67 per share on June 13, 2013. Furthermore, Belo’s financial performance improved lately. For instance, it reported that its annual Total Revenue rose from $650.14 million in 2011 to $714.72 million in 2012 and that its respective Net Income increased from $57.96 million to $100.17 million. In addition, shares of Belo Corp grew at an exceptional growth rate over the past years. In fact, NYSE:BLC shares grew from $0.88 per share in March 2009 to $11.64 per share in May 2013.
On June 13, 2013 NYSE:BLC shares closed at $13.66 per share.
Those who are current investors in Belo Corp (NYSE:BLC), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com