WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:
- Do you own shares of Starz (NASDAQ GS: STRZA, STRZB)?
- Did you purchase any of your shares prior to June 30, 2016?
- Do you think the proposed buyout value is too low?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Starz (“Starz” or the “Company”) (NASDAQ GS: STRZA, STRZB) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Lions Gate Entertainment Corp. (“Lionsgate”) (NYSE: LGF), in a transaction valued at approximately $4.4 billion.
Click here to learn more: http://rigrodskylong.com/investigations/starz-strza-strzb-buyout.
Under the terms of the agreement, each share of Lionsgate common stock will be reclassified into 0.5 voting and 0.5 newly created non-voting shares. Shareholders of Starz Series A common stock will receive $18.00 in cash as well as 0.6784 of a share of Lionsgate non-voting stock for each share of Starz Series A they own. Based on Lionsgate’s closing stock price on June 29, 2016, Starz Series A shareholders would have received compensation valued at approximately $32.21 per share.
Shareholders of each share of Starz Series B common stock will receive $7.26 in cash and 0.6321 of a share of Lionsgate voting stock and 0.6321 of a share of Lionsgate non-voting stock for each share of Starz Series B they own. Based on Lionsgate’s closing stock price on June 29, 2016, Starz Series B shareholders would have received compensation valued at approximately $33.74 per share.
The investigation concerns whether Starz’s board of directors failed to adequately shop the Company and obtain the best possible value for Starz shareholders before entering into an agreement with Lionsgate. According to Yahoo! Finance, at least one analyst has issued a price target for Starz Series A stock at $47.00 per share.
If you own the common stock of Starz and purchased your shares before June 30, 2016, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242; by e-mail to email@example.com, or at: http://rigrodskylong.com/investigations/starz-strza-strzb-buyout.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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