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SureWest Communications (NASDAQ:SURW) Takeover Prompts Investor Investigation Over Potential Breaches Of Fiduciary Duties

  • If you are a current investor in SureWest Communications (NASDAQ:SURW) shares and purchased your NASDAQ:SURW shares prior to the announcement, 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 investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Investigation Overview

Company
SureWest Communications
Security
NASDAQ: SURW

Acquiring Company
Consolidated Communications Holdings
Summary

San Diego, Feb. 6, 2012 (Shareholders Foundation) -- The announcement by SureWest Communications that agreed to by acquired by Consolidated Communications Holdings for $23 per NASDAQ:SURW caused an investigation for investors in SureWest Communications (NASDAQ:SURW) shares concerning whether the offer to acquire SureWest Communications and the buyout process are unfair to investors in NASDAQ:SURW shares.

The investigations by law firms concern whether SureWest, certain officers and directors, and/or others breached their fiduciary duties owed to SureWest Communications (NASDAQ:SURW) investors in connection with the proposed acquisition.

On Monday, February 6, 2012, SureWest Communications (Nasdaq: SURW) and Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) announced that they hae entered into an agreement under which Consolidated Communications Holdings will acquire all the outstanding shares of SureWest Communications in a cash and stock transaction valued at $23.00 per share, or a total of approximately $340.9 million, exclusive of debt.
SureWest Communications said the offer represents a 47% premium to SureWest's stock price as of the close on February 3, 2012.
Following the takeover news shares of SureWest Communications (Public, NASDAQ:SURW) surged from $15.58 on Friday to $22.39 per share on Monday, February 6, 2012.

However, SureWest Communications performance for its investors increased over the past years. SureWest Communications annual Revenue rose from $174.26million in 2007 to $243,50million in 2010 and its third quarter Revenue in 2011 increased from $61.12million in 2010 to $63.00million.

Therefore the investigation for NASDAQ:SURW investors concerns whether the SureWest Communications Board of Directors undertook an adequate sales process and in particular breached their fiduciary duties to SureWest Communications (NASDAQ:SURW) shareholders by failing to adequately shop the Company before entering into this transaction. A potential securities class action lawsuit would seek to maximize the amount of money and information NASDAQ:SURW shareholders would receive in a buyout, so the law firm.

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