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If you purchased shares of Fisher Communications, Inc. (NASDAQ:FSCI) prior to April 11, 2013, and currently hold any of those NASDAQ:FSCI shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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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
April 19, 2013 (Shareholders Foundation) - An investor who holds NASDAQ:FSCI shares filed a lawsuit against directors of Fisher Communications, Inc. in effort to halt the proposed takeover of Fisher Communications, Inc. by Sinclair Broadcast Group, Inc. for $41.00 per NASDAQ:FSCI share.
The plaintiff alleges that the defendants breached their fiduciary duties by agreeing to sell the company too cheaply via an unfair process to Sinclair Broadcast Group, Inc.
On April 11, 2013, Sinclair Broadcast Group, Inc. and Fisher Communications, Inc. announced that they have entered into a merger agreement whereby Sinclair Broadcast Group, will acquire Fisher Communications in a merger transaction valued at approximately $373.3 million. Under the terms of the agreement, Fisher Communications shareholders will receive $41.00 in cash for each share of Fisher Communications common stock they own
However, the plaintiff claims that the$41.00-offer is too low and undervalues the company. Indeed, after the takeover news shares of Fisher Communications, Inc. rose in the open market slightly above the current offer. Furthermore the plaintiff alleges that the takeover process is also unfair to FSCI stockholders.
On April 12, 2013, NASDAQ:FSCI shares traded as high as $41.20 per share.