Faruqi & Faruqi, LLP Announces the Investigation of Meredith Corporation (MDP) Over the Proposed Sale of the Company to Media General, Inc.
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Meredith Corporation (“Meredith” or the “Company”) (NYSE:MDP) for potential breaches of fiduciary duties in connection with the sale of the Company to Media General, Inc. for approximately $3.1 billion.
The Company’s stockholders will only receive 1.5214 shares of a new holding company formed by Media General and $34.57 in cash for each share of Company common stock they own, or approximately $49.95 per share. However, the offer is below the Company’s 52-week high and at least one analyst’s price target of $58.00 per share.
The investigation focuses on whether Meredith’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Meredith’s shareholders.
If you own common stock in Meredith and wish to obtain additional information and protect your investments free of charge, please fill out the form below or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
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