21Mar Buyout Of Lin
Buyout Of Lin – Law Firm Seeks Higher Price For Shareholders
March 21, 2014
New York, New York
Tripp Levy PLLC, a leading securities and shareholder rights law firm that represents shareholders throughout the nation, announces that it is investigating the acquisition of LIN Media LLC (NYSE: LIN) on behalf of shareholders. Media General, Inc. (NYSE:MEG) and LIN Media LLC (NYSE:LIN) today announced that they have entered into a definitive merger agreement. Under the terms of the agreement the shareholders of LIN Media will receive aggregate consideration valued at $1.6 billion in a combination of stock and cash, or approximately $27.82 per share.
Royal W. Carson, III, a director of LIN Media, and affiliates of HM Capital Partners I LP HMC, who together beneficially own all of the LIN Media Class C shares and therefore possess 70% of LIN Media LLC’s combined voting power, have agreed to vote in favor of the transaction. Affiliates of Standard General, which hold approximately 30% of Media General’s shares, have also agreed to vote in favor of the transaction
The investigation concerns whether the board of directors and senior management of LIN breached their fiduciary duties by not engaging in a full and fair auction and process to sell the company so that shareholders received the maximum value for their shares, and whether the pro rated price of $27.82 per share is unfairly low. Indeed, analysts have projected that the stock is worth at least $32 per share and the stock traded as high as $29.24 recently.
17Mar Buyout Of Schawk
Buyout Of Schawk – Law Firm Seeks Higher Price For Shareholders
Tripp Levy PLLC is investigating claims on behalf of investors of Schawk Inc. (“Schawk” or the “Company”) (NYSE: SGK), concerning the proposed acquisition of Schawk by Matthews International Corporation (“Matthews”) (NASDAQ: MATW). Schawk shareholders seeking more information about this acquisition are advised to contact us toll free at 1-877-772-3975 or contact us via our website.
The investigation concerns whether the Schawk directors are breaching their fiduciary duties by failing to adequately pursue alternatives to the acquisition and maximize shareholder value. Under the terms of the definitive merger agreement, Schawk stockholders will receive $11.80 in cash and 0.20582 shares of Matthews’ common stock for each share of Schawk common stock they own, valuing the transaction at approximately $577 million. Based on Matthews’ closing price of $39.84 per share on March 14, 2014, the stock portion of the consideration is valued at $8.20 per share. However, the Price to Revenue multiple is below the averages of comparable transactions. Additionally, certain members of the Schawk family, who collectively own approximately 61% of the common stock of Schawk, have agreed to vote in favor of the proposed merger. Thus, non-affiliated shareholders effectively have no say in the outcome of the shareholder vote.