SAN DIEGO, April 26, 2018 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Globalstar, Inc. (NYSE: GSAT) ("Globalstar") breached their fiduciary duties in connection with the proposed sale of the Company to Thermo Acquisitions, Inc. ("Thermo Acquisitions"). Globalstar provides mobile satellite voice and data services worldwide.
On April 25, 2018, Globalstar announced that it had signed a definitive merger agreement with Thermo Acquisitions. Under the terms of the agreement, the following assets will be combined with Globalstar: metro fiber provider FiberLight, LLC, 15.5 million shares of CenturyLink, Inc. common stock) and $100 million of cash and minority investments in complementary businesses and assets of $25 million in exchange for Globalstar. Thermo Acquisition, Inc. is controlled by Jay Monroe, Executive Chairman of the Board of Directors and Chief Executive Officer of Globalstar. At closing, the parent company will be renamed Thermo Companies, Inc.
The investigation concerns whether the Globalstar board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the merger
If you are a shareholder of Globalstar and believe (1) the merger benefits management more than the shareholders, and (2) you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.
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SOURCE Johnson Fistel, LLP