NEW YORK--(BUSINESS WIRE)--Wolf Haldenstein Adler Freeman & Herz LLP is investigating claims on behalf of investors of LIN Media LLC (“LIN” or the “Company”) (NYSE:LIN) concerning the Company’s proposed acquisition by Media General, Inc. Under the terms of the transaction, LIN shareholders will receive either $27.82 in cash or 1.5762 shares of the new holding company for each share of LIN stock. While the consideration offered represents a 29.5% one day premium, at least one analyst set a target price of $32.00 per share and LIN’s stock recently traded above the offer price at $29.24 per share on January 9, 2014.
Additionally, on February 6, 2014, LIN issued its financial results for the fourth quarter and full year 2013, reporting strong increases in net revenues, local revenues, and interactive revenues. Specifically, LIN reported annual revenues of $652.4 million, an 18% increase compared to 2012. In addition, the company reported a 35% increase in local revenues and an 85% increase in interactive revenues. LIN also reported that the company's core local and national time sales increased 9% in the fourth quarter and 24% for the full year, compared to 2012, while it expanded local news at 11 television stations.
Given these facts, Wolf Haldenstein is investigating whether the LIN directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. If you are a shareholder of LIN Media LLC (NYSE: LIN) and would like additional information concerning your rights in this matter, please contact us immediately:
Wolf Haldenstein has represented individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website (http://www.whafh.com) for more information about the firm.
Patrick Donovan, Esquire
Gregory Stone, Director of Case and Financial Analysis
Wolf Haldenstein Adler Freeman & Herz LLP
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