Zeldes & Haeggquist, LLP has commenced an investigation into possible legal claims against the Board of Directors of Fisher Communications, Inc. (“Fisher”) (NASDAQ: FSCI). The investigation concerns possible breaches of fiduciary duties and other violations of law related to Fisher’s entry into an agreement to be acquired by Sinclair Broadcast Group, Inc. (“Sinclair”) (NASDAQ: SBGI).
Seattle-based Fisher is a media company which owns 20 Pacific Northwest-area television stations and three Seattle-area radio stations. On April 11, 2013, Sinclair announced its acquisition of Fisher. The deal is valued at approximately $373 million.
Zeldes & Haeggquist’s investigation concerns whether Fisher’s Board of Directors failed to adequately shop Fisher to obtain the best possible value for its shareholders before entering into an agreement with Sinclair. Under the terms of the proposal, public shareholders of Fisher will receive $41 per share in cash. Analysts note that although Sinclair has generated positive cash flow over the years, it has a weak balance sheet with negative equity. To acquire Fisher, Sinclair will have to incur more debt, resulting in an even weaker balance sheet.
If you own stock of Fisher and purchased your shares before April 11, 2013, and would like additional information regarding this investigation, or if you have information regarding the matters under investigation, please contact attorney Aaron M. Olsen or Amber L. Eck at 619-342-8000, or by email at firstname.lastname@example.org or email@example.com.