WeissLaw LLP: Meredith Corporation Acquisition By Media General, Inc. May Not Be In The Best Interest Of MDP Shareholders
NEW YORK, Sept. 10, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of Meredith Corporation ("MDP" or the "Company") by Media General, Inc. is the subject of an investigation by WeissLaw LLP, a national class action, shareholder rights law firm. The investigation is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of MDP for agreeing to sell the Company to Media General. On September 8, 2015, the Company announced it had reached a definitive agreement for Media General to acquire MDP in a cash and stock transaction valued at approximately $2.4 billion. Under the terms of the agreement, MDP shareholders will receive $34.57 in cash and 1.5214 shares of the newly combined company for each MDP share they own; representing a total value of $51.53 per MDP share.
WeissLaw is investigating whether MDP's Board acted to maximize shareholder value prior to entering into the agreement. Notably, several analysts set a target price of $58.00 per share. Additionally, MDP shares traded at $57.22 as recently as March 20 of this year. Further, upon completion of the transaction, MDP shareholders will own a mere 35% of the newly combined company.
Given these facts, WeissLaw is investigating the Board's decision to sell MDP and whether MDP's shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own MDP shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at [email protected].
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP
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