MILWAUKEE, March 21, 2014 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of LIN for possible breaches of fiduciary duty and other violations of state law in connection with the sale of LIN to Media General.
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LIN's long-term financial outlook is very positive and yet LIN shareholders will receive only the equivalent of $27.82 for each LIN share. Media General is well aware of LIN's improving financial metrics and is purchasing LIN at a substantial discount. The merger agreement unreasonably limits prospective bids for LIN by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should LIN receive and accept a superior bid. LIN insiders, their affiliates and other majority shareholders own significant stock of LIN, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of LIN not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of LIN's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for LIN given its current financial condition and prospects.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP