SAN DIEGO, CA / ACCESSWIRE / June 25, 2019 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for investors who formerly held FairPoint Communications Inc (NASDAQ: FRP) shares.
Investors, who held shares of FairPoint Communications Inc (NASDAQ: FRP) and received Consolidated Communications Holdings, Inc. (NASDAQ: CNSL) shares as a result of the takeover, might have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On December 05, 2016, Consolidated Communications Holdings, Inc. (NASDAQ: CNSL) announced it has entered into an agreement to acquire FairPoint Communications Inc (NASDAQ: FRP) in an all-stock merger transaction valued at approximately $1.5 billion, including debt. Under the terms of the agreement, FairPoint Communications Inc (NASDAQ: FRP) shareholders received a fixed exchange ratio of 0.7300 shares of Consolidated Communications common stock for each share of FairPoint common stock. Based on a closing price of $28.38 per NASDAQ: CNSL shares investors in NASDAQ: FRP shares were to receive a value of approximately $20.71 per share.
In February 2017, a lawsuit was filed in connection with the takeover of FairPoint Communications Inc by Consolidated Communications Holdings, Inc. The plaintiff alleged that the Registration Statement filed with the SEC in connection with the takeover omitted material information with respect to the Proposed Transaction, which renders the Registration Statement false and misleading. IN March 2017, the case was voluntarily dismissed.
Those who held shares of FairPoint Communications Inc (NASDAQ: FRP) and received Consolidated Communications Holdings, Inc. (NASDAQ: CNSL) shares as a result of the takeover might have still certain options and should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc.
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