NEW YORK, June 26, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a shareholder class action has been filed in the Delaware Court of Chancery against the Board of Directors of Martha Stewart Living Omnimedia, Inc. ("Martha Stewart" or the "Company") (NYSE:MSO) concerning possible breaches of fiduciary duty and other violations of law related to the proposed acquisition of the Company by Sequential Brands Group, Inc. ("Sequential Brands"). The proposed transaction is valued at approximately $353 million.
Our investigation concerns possible breaches of fiduciary duty and other violations of law by Martha Stewart's Board of Directors for not acting in the best interest of the Company's shareholders in connection with the proposed transaction. If you own shares of the Company and would like to learn more about the Martha Stewart investigation, you may contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com.
Under the terms of the proposed transaction, shareholders of Martha Stewart will be entitled to elect to receive either (a) $6.15 in cash or (b) a number of shares of a newly formed public holding company ("TopCo", which will continue as a publicly traded company and be renamed Sequential Brands Group, Inc.) together with cash, for each share of MSO common stock held. According to a proxy statement filed on June 23, 2015, Martha Stewart will join the Sequential Brands board of directors after the closing date.
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