Shareholder Claims $341M Merger Undervalues SureWest

Law360, New York (April 20, 2012, 5:48 PM EDT) -- A SureWest Communications shareholder hit the California telecom provider with a proposed class action Wednesday, accusing the SureWest board of breaching its fiduciary duties with a planned $341 million sale of the company to Consolidated Communications Holdings Inc.

Investor Jerome C. Broering claims the “close-knit relationship” between SureWest President and CEO Steven C. Oldham and Consolidated President and CEO Robert J. Currey prejudiced the board in favor of Consolidated and against other potential buyers, to the detriment of SureWest shareholders.

“The proposed transaction is patently opportunistic...
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