Shareholder Suit Attacks $1.1B Iowa Telecom Deal

Law360, New York (December 14, 2009, 3:30 PM EST) -- A shareholder of Iowa Telecommunications Services Inc., which does business as Iowa Telecom, is challenging the company’s proposed $1.1 billion acquisition by Windstream Corp., saying the deal was reached through an unfair process and for an unfair price.

Joseph Haen brought the shareholder class action, which accuses the defendants of violating their fiduciary duties, on Friday in the U.S. District Court for the Southern District of Iowa.

The suit claims, among other things, that Iowa Telecom’s value as an ongoing business is greater than the consideration...
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