Alaska Shareholders Upset Over Merger Bid (Seek to file Lawsuit)- (via Business Journal)
November 4, 2020
Tags: United States Alaska Macquarie GCM Corporate Affairs Mergers & Acquisitions
A group of Alaska Communications Systems shareholders are attempting to block the $300 million purchase of the company by Macquarie Capital and GCM Grosvenor. Under terms of the definitive merger agreement, Macquarie and GCM, will acquire the outstanding shares in the company for $3.00 per share.
The deal would represent a hefty premium of approximately 57% to the preceding day. The deal is slated to close next year, pending approval by regulators and a majority of Alaska shareholders.
The shareholders allege that the purchase price of $3.00 per share is insufficient in light of the company's growth prospects and that deal-protection clauses in the merger agreement preclude other companies from submitting successful competing offers. Indeed, the book value alone of the company is worth $3.17 per share and the company has over $45 million of cash on its books (or $0.83) which the buyers will use to offset the sale. In addition, shareholders allege that senior management of Alaska obtained personal benefits for their own self interests in agreeing to sell the company at that price that are not being shared with common stockholders.
Alaska investor relations did not immediately respond to requests for a comment.
To contact the law firm on behalf of shareholders of Alaska for more information as to how you can participate with other shareholders in seeking a higher price at no cost or expense can call toll free 800.511.7037.
All rights reserved
