NEW YORK, NY / ACCESSWIRE / May 6, 2021 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims against the Board of Directors of MSG Networks Inc. ("MSGN" or "the Company") (NYSE:MSGN) for possible breaches of fiduciary duty in connection with the proposed acquisition of the company by Madison Square Garden Entertainment Corp. (NYSE: MSGE). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/msgn.
Under the terms of the proposed transaction, MSGN shareholders will receive 0.172 shares of MSGE for each share of MSGN common stock for each share of Class A and Class B MSG Networks common stock they hold. As of March 30, 2021, the implied per-share merger consideration is $14.13, which is below MSG Networks' 52-week high stock price of $20.61 and below Macquarie Capital's $20.00 per share price target.
The merger has been criticized as undervaluing MSGN and whether its Board of Directors are: (1) fulfilling their fiduciary duties to its shareholders, and (2) obtaining a fair and reasonable price for MSGN. Both companies are controlled by the Dolan family, which has committed to vote in favor of the merger. The Dolan family is also not requiring that the deal be approved by a majority of unaffiliated MSG Networks shareholders. Therefore, MSGN shareholders will not be able to effectively oppose the transaction by voting.
If you are a current MSGN shareholder, you can learn more about the investigation by visiting the firm's site: www.bgandg.com/msgn. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC