According to the complaint, on March 23, 2009, a Tender Offer and the acts of the Director Defendants, constituted a breach of defendants' fiduciary duties to Plaintiff and the Class and a violation of applicable legal standards.
The Company's majority stockholder announced that it would commence a cash tender offer for all of the outstanding publicly held minority interest in Cox Radio for $3.80 per share in cash, or a total payment of approximately $69.1 million, including fees and expenses.
The Tender Offer leaves the public stockholders faced with an
unfairly coercive Tender Offer and without a fully informed voluntary choice
whether to sell the Company or seek appraisal. If the Tender Offer closes with
less than 90% owned by the Defendant Company, the Company's shareholders run the risk of not having a free market to sell their shares.
On January 20, 2010, Judge Julie E. Carnes granted the motion to appoint Donald Dixon and John H. Bradley as lead plaintiffs and the firms of Chitwood Harley and Bull & Lifshitz are appointed as co-lead counsel for the class.
In June 2010, the case was administratively closed, pending resolution of appeals before the Supreme Court.