September 24, 2013 (Shareholders Foundation) - An investor, who currently hold shares of Dial Global Inc (OTCMKTS:DIAL), filed a lawsuit in effort to halt the proposed takeover of Dial Global Inc by Cardinals Merger Corporation, a wholly-owned subsidiary of Cumulus Media Inc. for $0.155 per OTCMKTS:DIAL share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to Dial Global Inc stockholders arising out of the attempt to sell Dial Global Inc too cheaply via an unfair process to Cumulus Media Inc.

On August 30, 2013 Dial Global Inc (OTCMKTS:DIAL) announced that Dial Global and Cardinals Merger Corporation, a wholly-owned subsidiary of Cumulus Media Inc. , have entered into an agreement and plan of merger. Under the terms of the agreement, each outstanding share of common stock of the Company will be converted into the right to receive $0.155.

However, the plaintiff claims that the offer is too low and undervalues Dial Global Inc. Indeed, at least one analyst has set the high target price for shares of Dial Global Inc (OTCMKTS:DIAL) at $1.00 per share and shares of Dial Global Inc jumped on August 30, 2013, to $1.00 in the open market.

Furthermore, the plaintiff says that the process is also unfair to OTCMKTS:DIAL investors.For fact, certain stockholders holding approximately 90% of the Company's common stock entered already into a written consent approving the merger.

Dial Global Inc reported that its annual Total Revenue rose from $94.14 million to $239.02 million.

On Sept. 24, 2013, shares of Dial Global Inc (OTCMKTS:DIAL) closed at $0.180 per share.