Former United States Securities and Exchange Commission attorney Willie Briscoe is investigating potential claims against the Board of Directors of Tribune Media Company (“Tribune”) (NYSE: TRCO) concerning the sale to Sinclair Broadcast Group, Inc. (NasdaqGS: SBGI). Under the terms of the agreement, Tribune shareholders will only receive $35.00 in cash and 0.23 shares of Sinclair Class A common stock for each share owned. Based on the closing price of Sinclair before the deal was announced, the total consideration per share is valued at approximately $43.50 which is virtually no premium over the 52-week high and lower than at least one analyst’s estimated value of $48.00 per share.
If you are an affected investor, and you want to learn more about the investigation or if you have information that you believe would be helpful to our investigation of the fairness of the proposed transaction, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at shareholders@thebriscoelawfirm.com or by calling (888) 809-2750. There is no cost or fee to you.
The investigation centers on whether Tribune’s Board of Directors is acting in the shareholders’ best interests, whether the board considered alternatives to the acquisition, and whether the board has employed an adequate process to review and act on the proposed transaction. Notably, at least one analyst with Yahoo! Finance believes the true inherent value of the stock could be as high as $48.00.
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
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