An investigation on behalf of investors of Tribune Media Co (NYSE:TRCO) in connection with the proposed takeover was announced and NYSE:TRCO stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/16/2017 -- An investigation was announced for investors, who currently hold shares of Tribune Media Co (NYSE:TRCO), concerning whether the takeover of Tribune Media Co by Sinclair Broadcast Group, Inc for $43.50 per share is unfair to NYSE:TRCO stockholders.
Investors who purchased shares of Tribune Media Co (NYSE:TRCO) and currently hold any of those NYSE:TRCO shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain directors of Tribune Media Co breached their fiduciary duties owed to NYSE:TRCO investors in connection with the proposed acquisition.
On May 8, 2017, Sinclair Broadcast Group, Inc. and Tribu Tribune Media Co (NYSE:TRCO) announced that they have entered into an agreement under which Sinclair will acquire 100% of the issued and outstanding shares of Tribune Media Co (NYSE:TRCO) for $43.50 per share, for an aggregate purchase price of approximately $3.9 billion, plus the assumption of approximately $2.7 billion in net debt. Under the terms of the agreement, Tribune Media Co (NYSE:TRCO) stockholders will receive $35.00 in cash and 0.23 shares of Sinclair Class A common stock for each share of Tribune Media Co (NYSE:TRCO) Class A common stock and Class B common stock they own.
However, given that at least one analyst has set the high target price for NYSE:TRCO shares at $45.00 per share, the investigation concerns whether the offer is unfair to NYSE:TRCO stockholders. More specifically, the investigation concerns whether the Tribune Media 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.
Shares of Tribune Media Co (NYSE:TRCO) closed on May 15, 2017 at $40.84 per share.
Those who are current investors in Tribune Media Co shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com