ATLANTA, March 25, 2009 (GLOBE NEWSWIRE) -- Holzer Holzer & Fistel, LLC is investigating possible violations of state law for, among other things, breaches of fiduciary duty in connection with a proposed buyout of Cox Radio, Inc. ("Cox Radio") (NYSE:CXR) by Cox Enterprises, Inc. ("Cox Enterprises"). Under the agreement announced Monday, Cox Enterprises will pay $3.80 per share for a total price of approximately $69.1 million in an all cash transaction. Cox Enterprises owns approximately 78 percent of the outstanding shares of Cox Radio and has voting control over approximately 97 percent of Cox Radio stock. If consummated, Cox Radio will become a wholly-owned subsidiary of Cox Enterprises.
The firm's investigation is focused on, among other things, whether the proposed deal consideration provides adequate value to Cox Radio's minority shareholders and whether the deal comports with applicable law.
Current holders of Cox Radio common stock with questions concerning their legal rights are encouraged to contact Holzer Holzer & Fistel, LLC and its attorneys Michael I. Fistel Jr., Esq. or Marshall P. Dees, Esq. via email at mfistel@holzerlaw.com, or mdees@holzerlaw.com, or via toll-free telephone at (888) 508-6832.
Holzer Holzer & Fistel, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. Holzer Holzer & Fistel, LLC has paid for the dissemination of this promotional communication, and Michael I. Fistel, Jr. is the attorney responsible for its content.