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CKX Inc. Investors File Lawsuit Against Simon Fuller Group Bid

  • If you are an investor in CKX Inc. (NASDAQ:CKXE) shares and currently still hold your CKXE 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
CKX Inc.
Security
NASDAQ: CKXE

Case Name
CKX Deal Case 06/09/2010
Type of Lawsuit
Mergers and Acquisition
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Summary

An investor in CKXE filed a lawsuit in Delaware on behalf of investors in CKX Inc. (NASDAQ:CKXE) stock against members of the board of directors alleging breaches of fiduciary duty for selling CKX, Inc too cheaply to a group of investors led by Simon Fuller.
CKX, Inc. , located in New York is engaged in the ownership, development and commercial utilization of entertainment content. CKX Inc. reported in 2007 Total Revenue of $266.78million, in 2008 $288.13million, and in 2009 $328.35million.

On Wednesday, May 28, 2010, CKX, Inc. (NASDAQ: CKXE) announced that it received a proposal from a group of investors led by Simon Fuller to acquire all of the outstanding shares of common stock of CKX, Inc that it does not currently own for approx. $6.45 per share in cash or a transaction value of approx. $600 million.

According to the complaint the plaintiff alleges that the consideration to be paid to CKX shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of CKX. Shares of CKX Inc. (CKXE) traded after the announcement at $5.71 per share, and at $4.25 per share the day before the news. CKXE shares declined since the offer to $5.01 per share. CKXE shares were down from its 52weekHigh of $8.08 per share, over $10 in 2008, and at almost $15 per share in 2007. The lawsuit concerns whether the directors of CKX may have breached their fiduciary duties by not acting in CKX shareholders' best interests in connection with the sale process of CKX.