Key Developments: Belo Corp (BLC)
14.07USD
18 Jun 2013
$-0.12 (-0.85%)
$14.19
$14.24
$14.24
$14.05
1,985,253
2,211,181
$14.24
$5.85
Latest Key Developments (Source: Significant Developments)
Lifshitz Law Firm Announces Investigation Of Belo Corp
Lifshitz Law Firm announced an investigation into possible breaches of fiduciary duty in connection with the proposed sale of Belo Corp to Gannett Co., Inc. (GCI) in a transaction valued at $13.75 per share in cash, or approximately $1.5 billion, plus the assumption of $715 million in existing debt for an enterprise value of approximately $2.2 billion. Lifshitz Law Firm's investigation is focused on whether the proposed deal provides adequate value to the Belo's shareholders. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation of Belo Corp
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Belo Corp relating to the acquisition of the Company by Gannett Co. (Gannett). investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Belo for not acting in the Company`s shareholders' best interests in connection with the sale process. The transaction may undervalue the Company as Gannett shares soared 27 percent to a five-year high after the deal to acquire Belo was announced. Gannett said it would generate significant free cash flow and increase its operating earnings per share by 50 cents in the first year and have $175 million of annual savings within three years after closing. Full Article
Rigrodsky & Long, P.A. Announces Investigation Of Belo Corp Buyout
Rigrodsky & Long, P.A. announced that it is investigating potential legal claims against the board of directors of Belo Corp regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by Gannett Co., Inc. in a transaction valued at approximately $2.2 billion, including the assumption of existing debt. Under the terms of the agreement, public shareholders of Belo will receive $13.75 per share in cash for each share of Belo they own. The investigation concerns whether Belo`s board of directors failed to adequately shop the Company and obtain the best possible value for Belo`s shareholders before entering into an agreement with Gannett. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation of Belo Corp
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Belo Corp (Belo or the Company) relating to the acquisition of the Company by Gannett Co. (Gannett). Under the terms of the transaction, Belo shareholders will receive only $13.75 in cash for each share of Belo stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Belo for not acting in the Company's shareholders' best interests in connection with the sale process. The transaction may undervalue the Company as Gannett shares soared 27% to a five-year high after the deal to acquire Belo was announced. Gannett said it would generate significant free cash flow and increase its operating earnings per share by 50 cents in the first year and have $175 million of annual savings within three years after closing. Full Article
Ryan & Maniskas, LLP Announces Investigation of Belo Corp
Ryan & Maniskas, LLP announced that it is investigating potential claims against the board of directors of Belo Corp (Belo or the Company) concerning possible breaches of fiduciary duty and other violations of law related to the Company's efforts to sell the Company to Gannett Co., Inc. (GCI) in a deal valued at approximately $1.5 billion. Our investigation concerns possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by the Company's board of directors; in particular, whether the Company undertook a fair process to obtain fair consideration for all shareholders of Belo. Full Article
Harwood Feffer LLP Announces Investigation Of Belo Corp
Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of Belo Corp concerning the proposed acquisition of the Company by Gannett Co., Inc. On June 13, 2013, Belo announced that it had entered into a definitive agreement pursuant to which the Company will be acquired by Gannett. Under the terms of the agreement, Belo shareholders will receive $13.75 for each Belo share owned. The investigation concerns whether the Belo board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders. Full Article
Kahn Swick & Foti, LLC Investigates Belo Corp Following Announcement of Proposed Sale to Gannett Co., Inc.
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (KSF) announced that KSF has commenced an investigation into the Board of Directors of Belo Corp in connection with their conduct related to the sale of the Company to Gannett Co., Inc. Under the terms of the proposed transaction, shareholders of Belo will receive $13.75 in cash for each share of Belo common stock that they own. KSF`s investigation is focusing on whether Belo and/or its officers and directors secured sufficient value for the shareholders of the Company, violated their fiduciary duties, and/or violated state or federal securities laws. Full Article
Faruqi & Faruqi, LLP, Partner Juan E. Monteverde Launches Investigation of Belo Corp. Over Proposed Sale to Gannett Co., Inc.
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, announced that it is investigating the Board of Directors of Belo Corp for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Gannett Co., Inc. in a deal valued at approximately $1.5 billion plus the assumption of $715 million in debt. Under the terms of the proposed transaction, Belo`s stockholders will receive $13.75 in cash for each share of Belo common stock they own. The investigation focuses on whether Belo`s Board of Directors breached their fiduciary duties to the Company`s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Belo`s shareholders. Full Article
Pomerantz Law Firm Investigates Claims On Behalf Of Investors of Belo Corp
Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it is investigating claims on behalf of investors of Belo Corp (Belo or the Company) concerning the proposed acquisition of Belo by Gannett Co., Inc. in a transaction valued at approximately $1.5 billion, plus the assumption of $715 million in existing debt for an enterprise value of approximately $2.2 billion. The investigation concerns whether the Belo directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, Belo shareholders will be entitled to receive $13.75 per share in cash for each share of Belo common stock. However, the price to EBITDA and Revenue multiples are below the average of comparable transactions. In addition, synergies may not be fully reflected in purchase price. Full Article
Briscoe Law Firm and Powers Taylor, LLP Investigate Sale Of Belo Corp to Gannett Co Inc
Willie Briscoe and Powers Taylor, LLP announced that they are investigating the sale of Belo Corp. (Belo) to Gannett Co., Inc. for shareholders. Under the terms of the proposed sale, Belo shareholders will only receive $13.75 per share in cash. The transaction is valued at approximately $1.5 billion, plus the assumption of $715 million in debt. The Belo sale investigation centers on whether Belo's shareholders are receiving adequate compensation for their shares in the proposed deal, whether the transaction undervalues Belo's stock, and whether Belo`s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Full Article
Fitch Places Belo's Ratings on Rating Watch Positive
(The following statement was released by the rating agency) NEW YORK, June 14 (Fitch) Fitch Ratings has placed the 'BB' Issuer Default Rating (IDR) and all outstanding ratings for Belo Corporation (Belo) on Rating Watch Positive, following the announcement of Gannett Co. Inc.'s (Gannett) planned acquisition of Belo. The ratings previously had a Positive Outlook. A full list of ratings appears at the end of this release. Gannett intends to acquire Belo at an enterprise value of $2.2 billion
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