|[February 05, 2013]
Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Virgin Media's Proposed Acquisition by Liberty Global, Inc.
SAN DIEGO --(Business Wire)--
Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating
whether members of the board of directors of Virgin Media (News - Alert), Inc.
(NasdaqGS: VMED) breached their fiduciary duties in connection with the
proposed acquisition by Liberty Global, Inc.
On February 5, 2013, Liberty Global (News - Alert) announced that it had entered into a
definitive merger agreement to acquire all outstanding shares of VMED in
a stock and cash transaction. Under the terms of the agreement, Virgin
Media shareholders will receive $17.50 in cash, 0.2582 Liberty Global
Series A shares and 0.1928 Liberty Global Series C shares for each
Virgin Media share that they hold. Based on Liberty Global's Series A
share price of $69.46 and Series C share price of $64.50 as of February
4, 2013, this implies a prce of $47.87 per Virgin Media share; based
upon the closing price on February 4, 2013.
The investigation will determine whether Virgin Media's board of
directors breached their fiduciary duties to stockholders by failing to
satisfactorily shop the company before entering into this agreement. Jim
Baker, lead analyst for Johnson & Weaver, stated that, "Liberty Global's
offer appears to be inadequate and not in the best interest of Virgin
Media's shareholders." In particular, Baker noted that Virgin Media's
results over recent years have demonstrated their ability to grow
revenue, control costs, and generate cash.
If you are a Virgin Media, Inc. shareholder and are interested in
learning more about the investigation or your legal rights and remedies,
please contact lead analyst Jim Baker (firstname.lastname@example.org)
at 619-230-0063 Ext. 118.
Johnson & Weaver, LLP is a nationally recognized shareholders' rights
law firm. The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.
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