Investors Challenge MSG Networks Tender Offer In Chancery

Law360 (September 9, 2019, 8:46 PM EDT) -- MSG Networks Inc. investors opened a class suit to block a proposed $250 million common stock self-tender late Friday, alleging company failures to disclose benefits to the controlling Dolan family's media and entertainment empire.

The complaint, led by stockholder James R. Gould Jr., said the deal could see MSGN buy up — at a depressed price — up to 27% of its own common stock. The company, among other features, is the exclusive provider of local games and programming for the New York Knicks, New York Rangers, New York Islanders, New Jersey Devils and Buffalo Sabres.

Execution of the self-tender at...

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