The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of Mediacom Communications Corp. (“Mediacom” or “MCCC”) (NASDAQ: MCCC) related to the proposed management buyout and acquisition of Mediacom by its founder and Chief Executive Officer, Rocco B. Commisso (“Commisso”).
According to the definitive acquisition agreement, which was announced on November 15, 2010, Mediacom shareholders will receive a cash payment of only $8.75 for each share of Mediacom/MCCC common stock they hold. Commisso reportedly has “87 percent voting power and owns about 40 percent of the total shares outstanding,” in MCCC.
Although the proposed acquisition price represents an approximate 28% premium over Mediacom’s stock closing price on Friday, based on the company’s historical share prices and the nature of the buyout, the proposed transaction may undervalue Mediacom/MCCC shares and not be fair to Mediacom shareholders. The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Mediacom for approving this transaction and whether Mediacom’s Board of Directors acted in the shareholders’ best interests.
If you currently own shares of Mediacom/MCCC and would like additional information regarding this investigation, or if you have information regarding the allegations involving this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.