February 28, 2017 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Lumos Networks Corp (NASDAQ:LMOS), was announced concerning whether the takeover of Lumos Networks Corp. by EQT Infrastructure investment for $18 per share is unfair to NASDAQ:LMOS stockholders.

The investigation by a law firm concerns whether certain officers and directors of Lumos Networks Corp breached their fiduciary duties owed to NASDAQ:LMOS investors in connection with the proposed acquisition.

On February 20, 2017, Lumos Networks Corp (NASDAQ:LMOS) announced that it has entered into a definitive agreement to be acquired by the EQT Infrastructure investment strategy for $18.00 per share, resulting in an enterprise value of approximately $950 million.

However, giving that at least one analyst has set the high target price for NASDAQ:LMOS shares at $21.00 per share, the investigation concerns whether the offer is unfair to NASDAQ:LMOS stockholders. More specifically, the investigation concerns whether the Lumos Networks Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.