Citadel Shareholders Sue Over $2.5B Cumulus Deal

Law360, New York (May 9, 2011, 6:04 PM EDT) -- Citadel Broadcasting Corp. shareholders hit the company, its board of directors and Cumulus Media Inc. with a putative class action Friday in Delaware state court alleging that Cumulus' proposed $2.5 billion acquisition undervalues the shares of recently solvent Citadel.

The complaint, filed by James P. McEvilly III of Faruqi & Faruqi LLP on behalf of Jack and Marcella Eschenbach, targets the deal radio broadcaster Citadel announced on March 10, alleging that the company and its directors breached their fiduciary duties by accepting a lowball offer when...
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