MURRAY FRANK LLP Investigates SureWest Communications
NEW YORK, Feb 07, 2012 (BUSINESS WIRE) -- MURRAY FRANK LLP is investigating breaches of fiduciary duties by certain members of the Board of Directors of SureWest Communications SURW +0.22% ("SureWest" or the "Company") regarding the acquisition of the Company by Consolidated Communications, Inc. ("Consolidated Communications") in a transaction valued at approximately $340.9 million.
On February 6, 2012, SureWest and Consolidated Communications announced that they had entered into a definitive merger agreement. Under the terms of the proposed transaction, SureWest shareholders may elect to exchange each share of SureWest common stock they own 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 certain restrictions. 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 investigation seeks to determine whether SureWest's Board of Directors breached their fiduciary duties in connection with their efforts to sell SureWest to Consolidated Communications at an inadequate price through an unfair process which significantly undervalues the Company.
If you are a current investor in SureWest who purchased SureWest shares before February 6, 2012, and you wish to discuss this investigation or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Katherine E. Smith at (800) 497-8076 or (212) 682-1818, or by email at firstname.lastname@example.org.
SOURCE: MURRAY FRANK LLP