WAYNE, Pa., May 20, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP is investigating potential claims against the board of directors of DirecTV ("DirecTV" or the "Company") (NASDAQ: DTV) concerning possible breaches of fiduciary duty and other violations of law related to the Company's efforts to sell the Company to AT&T, Inc. in a transaction valued at approximately $48.5 billion.
If you own shares of DirecTV and would like to learn more about this class action or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/dtv. You may also email Mr. Maniskas at firstname.lastname@example.org.
Under the terms of the agreement, shareholders of DirecTV will receive $95.00 per share, comprised of $28.50 in cash and 1.905 shares of AT&T common stock for each share of DirecTV they own. The stock portion will be subject to a collar such that DirecTV shareholders will receive 1.905 AT&T shares if AT&T stock price is below $34.90 at closing and 1.724 AT&T shares if AT&T stock price is above $38.58 at closing. If AT&T stock price at closing is between $34.90 and $38.58, DirecTV shareholders will receive a number of shares between 1.724 and 1.905, equal to $66.50 in value.
Our investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of DirecTV for not acting in the Company's shareholders' best interests in connection with the sale process.