The Ademi Firm is investigating WideOpenWest (NYSE: WOW) for possible breaches of fiduciary duty and other violations of law in its transaction with DigitalBridge Investments.
Shareholders of WideOpenWest will receive $5.20 per share in cash in an all-cash transaction valued at approximately $1.5 billion. Crestview, which currently owns approximately 37% of WideOpenWest’s outstanding shares and is the company’s largest stockholder, will roll over its existing holdings rather than receive cash.
WideOpenWest insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for WideOpenWest by imposing a significant penalty if WideOpenWest accepts a competing bid. We are investigating the conduct of the WideOpenWest board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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