NEW YORK, May 04, 2021 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Meredith Corporation (NYSE: MDP) breached their fiduciary duties or violated the federal securities laws in connection with the company’s sale of its Local Media Group (“LMG”) to Gray Television, Inc. (NYSE: GTN).
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On May 3, 2021, Meredith announced that it had signed an agreement to sell its LMG to Gray for approximately $2.7 billion. Under the terms of the transaction Meredith will maintain its National Media Group (“NMG”), which will be spun out to current Meredith shareholders as a standalone publicly traded company retaining the Meredith Corporation name. Pursuant to the merger agreement, Meredith stockholders will receive $14.50 in cash for each share of Meredith common stock owned and 1:1 equity in the post-close Meredith Corporation. The deal is scheduled to close in the fourth quarter of 2021.
Bragar Eagel & Squire is concerned that Meredith’s board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Meredith’s stockholders.
If you own shares of Meredith and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa Fortunato or Alexandra Raymond by email at [email protected] or telephone at (646) 860-9157, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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