Investor Seeks To Block Cumulus' $260M Dial Global Buy

Law360, Los Angeles (September 20, 2013, 7:45 PM ET) -- A shareholder of radio broadcaster Dial Global Inc. hit the company’s board of directors with a proposed class action in New York state court on Wednesday, alleging they breached their fiduciary duties by agreeing to sell the company to Cumulus Media Inc. for $260 million.

The lawsuit — which also names Dial, Cumulus and Cumulus’ wholly owned subsidiary Cardinals Merger Corp. as defendants for aiding and abetting the alleged breaches — seeks to halt the acquisition that was announced in August. The deal, aimed at building...
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