New Lawsuit Challenges Tribune's $3.9B Sale to Sinclair
A shareholder in Tribune Media Co. has filed a new class action complaint in Delaware federal court, alleging that a proposed $3.9 billion merger with Sinclair Broadcast Group Inc. undervalued the Chicago-based conglomerate and boxed other potential buyers out of the bidding process.
July 18, 2017 at 04:09 PM
3 minute read
A shareholder in Tribune Media Co. has filed a new class action complaint in Delaware federal court, alleging that a proposed $3.9 billion merger with Sinclair Broadcast Group Inc. undervalued the Chicago-based conglomerate and boxed other potential buyers out of the bidding process.
The latest challenge, from shareholder David Pill, now joins two others in trying to halt the deal under the Securities and Exchange Act of 1934.
The lawsuits all target a June 3 filing with the U.S. Securities and Exchange Commission, which the plaintiffs said contained incomplete or misleading information regarding projections from both companies and Tribune's financial advisers. In his complaint, filed Monday in U.S. District Court for the District of Delaware, Pill also alleged that the Tribune board adopted a slate of deal protections that “virtually assures” the deal would be consummated, including a no solicitation clause, matching rights and a $135.3 million termination fee that Sinclair would receive if Tribune backs out of the merger.
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