Faruqi & Faruqi, LLP Announces Investigation of SureWest Communications (SURW)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of SureWest Communications (“SureWest” or the “Company”) (NASDAQ: SURW) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Consolidated Communications Holdings, Inc. (“Consolidated”) (NASDAQ: CNSL) in a deal valued at about $340.9 million. 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 a collar. Overall elections are subject to proration such that 50 percent of the SureWest shares will be exchanged for cash and 50 percent for stock.
Whether SureWest’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues SureWest’s shares and by how much this proposed transaction undervalues the Company to the detriment of SureWest’s shareholders are the key focus of this investigation.
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Faruqi & Faruqi, LLP
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