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Citadel Broadcasting Investor Files Lawsuit Against Proposed Merger With Cumulus Media

  • If you purchased CITADEL BROADCASTING CP A (PINK:CDELA) or CITADEL BROADCASTING CP B (PINK:CDELB) shares and currently continue to hold those PINK:CDELA or PINK:CDELB 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
Citadel Broadcasting Corporation
Security
PINK: CDELA
PINK: CDELB

Case Name
Citadel Broadcasting Deal Case 05/09/2011
Type of Lawsuit
Mergers and Acquisition
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Summary

An investor in Citadel Broadcasting Corp shares filed a lawsuit in State Court in effort to block the planned merger between CITADEL BROADCASTING CP and Cumulus Media Inc. .
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties in connection with proposed merger between Citadel Broadcasting Corporation and Cumulus Media Inc. (NASDAQ: CMLS).

On March 10, 2011, Cumulus Media Inc. (NASDAQ: CMLS) announced it has entered into a merger agreement to purchase Citadel Broadcasting Corporation, under which Cumulus Media Inc. would acquire all of the outstanding common stock and warrants of Citadel at a price of $37.00 per share. This consideration is payable in cash and shares of Cumulus stock, and values Citadel as an enterprise at approximately $2.4 billion.

In response to the takeover news CITADEL BROADCASTING CP A (PINK:CDELA) shares rose from $34 on March 4 to $35.80 on March 10,2011, and CITADEL BROADCASTING CP B (Public, PINK:CDELB) shares increased from $34.50 on March 7 to $37.37 on March 10,2011.

However the plaintiff alleges that the proposed acquisition undervalues shares of Citadel Broadcasting Corporation and directors breached their fiduciary duties by accepting a lowball offer.