Belo Shareholder Bucks $2.2B Gannett Takeover

Law360, New York (June 14, 2013, 6:30 PM EDT) -- A shareholder of Texas television company Belo Corp. launched a proposed class action Friday challenging the company's proposed $2.2 billion acquisition by Gannett Co. Inc., saying the acquisition is priced too low for Belo shareholders.

Shareholder Jacob Hulsebus said the proposed $13.75 per share that shareholders will receive is below the average of comparable transactions and is structured to serve the interests of Belo's board and management, who have 42 percent voting power in the company's outstanding shares and are expected to receive more than $148...
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