NEW YORK, Aug. 10, 2020 /PRNewswire/ --
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by GCI Liberty, Inc. (NASDAQ: GLIBA, or the "Company") and its board of directors concerning the proposed interested-party acquisition of the Company by Liberty Broadband Corporation (NASDAQ: LBRDA, LBRDK) ("Liberty Broadband"). Holders of Class A GLIBA shares will receive 0.580 shares of Liberty Broadband's LBRDK common stock for each share of GLIBA stock that they hold. The transaction is valued at approximately $8.7 billion and is expected to close in the first half of 2021.
If you own GLIBA shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
In light of the fact that John C. Malone serves as Chairman of the Board of both GLIBA and Liberty Broadband, and that he and certain related holders who stand on both sides of the transaction have agreed to vote their shares in favor of the deal (representing approximately 27% of total outstanding GLIBA shares, and 48.3% of outstanding total Liberty Broadband shares), WeissLaw is investigating whether the special committee of the GLIBA board acted independently in agreeing to the proposed acquisition and whether the 0.5830 exchange ratio reflects adequate value for Company shareholders.
Given these facts, WeissLaw is concerned whether the special committee of the GLIBA board was truly independent in agreeing to the proposed acquisition, whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition will be fully and fairly disclosed to GLIBA shareholders.
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]
SOURCE WeissLaw LLP