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Cbeyond, Inc. (NASDAQ:CBEY) Investor Files Lawsuit In Effort To Halt Proposed Acquisition

  • If you purchased shares of Cbeyond, Inc. (NASDAQ:CBEY) and currently hold any of those NASDAQ:CBEY shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Cbeyond, Inc.
Security
NASDAQ: CBEY

Case Name
Cbeyond Deal Case 05/16/2014
Type of Lawsuit
Mergers and Acquisition
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Summary

May 16, 2014 (Shareholders Foundation) - An investor, who currently holds shares of Cbeyond, Inc. (NASDAQ:CBEY) filed a lawsuit in effort to halt the takeover of Cbeyond, Inc. by Birch Communications, Inc.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CBEY stockholders by agreeing to sell Cbeyond, Inc. too cheaply via an unfair process to Birch Communications, Inc.

On April 21, 2014, Birch Communications, Inc. and Cbeyond, Inc. jointly announced that they have entered into an agreement under which Birch will acquire Cbeyond in an all-cash transaction valued at approximately $323 million. Cbeyond stockholders will receive between $9.97 and $10.00 per share in cash. The exact amount will be determined based on stock transactions relating to previously granted stock awards to employees that occur after execution of the definitive agreement.

However, the plaintiff claims that the offer is too low and undervalues Cbeyond, Inc.

On May 16, 2014, NASDAQ:CBEY closed at $9.93 per share.