Tripp Levy PLLC Announces Investigation Of Telmex
Tripp Levy PLLC, a leading national securities law firm, announces an investigation into the proposed acquisition of Telefonos de Mexico SAB (NYSE: TMX) (“Telmex”). It was announced that America Movil SAB, has offered to buy the 40.4 percent of Telmex it doesn’t already own for only 10.50 pesos (90 cents) a share or $17.92 ADR. The offer represents only an 11 percent premium over Telmex’s closing price on July 29, 2011. AT&T, which holds an 8.5 percent stake in Telmex, said it will accept America Movil’s offer for its shares. AT&T also owns about 9 percent of America Movil and is part of a group with Carlos Slim and his family that controls Telmex’s voting shares.
The investigation concerns, among other things, whether the consideration to be paid to Telmex shareholders is unfair, inadequate, and substantially below the fair or inherent value of Telmex. Indeed, analysts estimate the true inherent value of the stock is worth at least $22 per ADR. The investigation further concerns whether the board of directors of Telmex may have breached their fiduciary duties by not acting in Telmex shareholders' best interests in connection with the sale process of Telmex.
If you own Telmex common stock or ADR’s and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact
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Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.
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