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Investor Class Action Suit Filed Against Cox Radio
RADIO ONLINE | , , |
A class action lawsuit has been filed on behalf of an investor in Cox Radio over alleged breaches by the board. According to the complaint, on March 23, Cox Enterprises announced that it would commence a cash tender offer for all of Cox Radio's outstanding shares for $3.80 each. The plaintiff alleges that Cox Enterprises seeks to acquire the remaining shares on "unfair terms and without regard to the best interests of Cox Radio's public shareholders."
The complaint alleges that tender offer leaves Cox Radio's stockholders with an unfair coercive tender offer, and without a fully-informed voluntary choice whether to sell Cox Radio or seek appraisal. The plaintiff alleges that the tender offer serves no legitimate business purpose of Cox Radio, but rather is an attempt to enable Cox Enterprises to benefit unfairly from the transaction.
The suit was filed in the U.S. District Court for the Northern District of Georgia.
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