The Shareholders Foundation announced that an investigation on behalf of investors, who currently hold shares of Cbeyond Inc. (NASDAQ:CBEY) shares, was launched concerning whether the takeover of Cbeyond, Inc. by Birch Communications, Inc is unfair to NASDAQ:CBEY stockholders.
Investors who purchased shares of Cbeyond, Inc. (NASDAQ:CBEY) and currently hold any of those NASDAQ:CBEY shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain officers and directors of Cbeyond, Inc. breached their fiduciary duties owed to NASDAQ:CBEY investors in connection with the proposed acquisition.
On April 21, 2014, Birch Communications, Inc. and Cbeyond, Inc. jointly announced that they have entered into an agreement under which Birch will acquire Cbeyond in an all-cash transaction valued at approximately $323 million. Cbeyond stockholders will receive between $9.97 and $10.00 per share in cash. The exact amount will be determined based on stock transactions relating to previously granted stock awards to employees that occur after execution of the definitive agreement.
However, the investigation concerns whether the offer is unfair to NASDAQ:CBEY stockholders. More specifically, the investigation concerns whether the Cbeyond Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders’ best interests in connection with the proposed sale.
On May 5, 2014, NASDAQ:CBEY closed at $9.92 per share.
Those who are current investors in Cbeyond, Inc. (NASDAQ:CBEY) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego