SAN DIEGO, May 8, 2017 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP (J&W) has launched an investigation into whether the board members of Tribune Media Company (NYSE: TRCO) breached their fiduciary duties in connection with the proposed sale of the Company to Sinclair Broadcast Group, Inc. (NASDAQ: SBGI).
On May 8, 2017, Tribune announced it had signed a definitive merger agreement with Sinclair. Under the terms of the agreement, Tribune stockholders will receive $35.00 in cash and 0.23 shares of Sinclair Class A common stock for each share of Tribune Class A common stock and Class B common stock they own. The transaction values Tribune at approximately $43.50 per share.
The investigation concerns whether the Board of Tribune breached their fiduciary duties to shareholders and whether Sinclair is underpaying for the Company. The transaction may put too small a price on the Company and would result in a loss for many Tribune shareholders. The price being paid by Sinclair is below an analyst price target of $48.00 per share.
If you are a shareholder of Tribune and believe the proposed buyout price is too low and you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (email@example.com) at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson & Weaver, LLP