The Shareholders Foundation announced that an investor who currently holds shares of Journal Media Group Inc (NYSE:JMG), filed a lawsuit in effort to halt the proposed takeover of Journal Media Group Inc by Gannett Co., Inc.
Investors who purchased shares of Journal Media Group Inc (NYSE:JMG) and currently hold any of those NYSE:JMG shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:JMG stockholders by agreeing to sell Journal Media Group Inc too cheaply via an unfair process to Gannett Co., Inc.
On October 7, 2015 Gannett Co., Inc. (NYSE: GCI) and Journal Media Group Inc (NYSE:JMG)announced that they have entered into a merger agreement under which Gannett will acquire all of the outstanding common stock of Journal Media Group Inc (NYSE:JMG) for approximately $280 million, net of acquired cash. Under the terms of the transaction, which was approved by the boards of directors of both companies and is subject to Journal Media Group Inc (NYSE:JMG) shareholder approval, Journal Media Group Inc (NYSE:JMG) shareholders will receive cash of $12.00 per share in cash.
However, the plaintiff claims that the proposed consideration NYSE:JMG shareholders will receive is grossly inadequate and undervalues Journal Media Group Inc. In addition, the plaintiff alleges that the process is also unfair to NYSE:JMG stockholders.
Shares of Journal Media Group Inc (NYSE:JMG) closed on December 22, 2015, at $12.01 per share.
Those who are current investors in Journal Media Group Inc (NYSE:JMG) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com