Bull & Lifshitz, LLP Announces Investigation Of SureWest Communications
NEW YORK, Feb. 10, 2012 /PRNewswire/ -- Bull & Lifshitz, LLP announces an investigation into possible breaches of fiduciary duty in connection with the proposed sale of SureWest Communications (NASDAQ: SURW) (referred to as "SureWest" or the "Company") to Consolidated Communications Holdings, Inc. ("Consolidated"), in a cash-and-stock transaction valued at approximately $340.9 million, exclusive of debt.
Under the terms of the agreement, SureWest's shareholders may elect to exchange each share of SureWest common stock for either
$23.00 in cash or shares of Consolidated common stock having an equivalent value based on average trading prices for the 20-day period ending two days before the closing of the acquisition, subject to a collar. Overall elections are subject to proration such that 50 percent of the SureWest shares will be exchanged for cash and 50 percent for stock. The stock portion of the transaction will be received tax free.
Bull & Lifshitz, LLP's investigation is focused on whether the proposed deal provides adequate value to the Company's shareholders.
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