Brower Piven Announces Investigation of Iowa Telecommunications Services, Inc.
December 15 2009 - 4:14PM
Business Wire
Brower Piven, A Professional Corporation is investigating
potential claims on behalf of shareholders of Iowa
Telecommunications Services, Inc. (“IWA” or the “Company”) (NYSE:
IWA) for possible breaches of fiduciary duties by the IWA Board of
Directors and other violations of state law arising from the
Company’s announcement of its intent to be acquired by Windstream
Corporation (“Windstream”) (NYSE: WIN). Under the terms of the
transaction, IWA shareholders will receive $7.90 in cash and 0.804
shares of Windstream common stock for each share of IWA they own
for a total transaction value of approximately $1.1 billion,
including the assumption of approximately $598 million in IWA
debt.
The investigation concerns the potential unfairness of the
consideration to be paid to IWA shareholders, as well as the IWA
Board of Directors’ potential breaches of their fiduciary duties to
IWA shareholders, including from the possible failure to disclose
all information necessary for the public shareholders of IWA to
make an informed decision whether to vote in favor of the
contemplated transaction.
If you own common stock in IWA and wish to obtain additional
information relating to Windstream’s prospective acquisition of
IWA, please contact Brower Piven at www.browerpiven.com, by email
at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower
Piven, A Professional Corporation, The World Trade
Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore,
Maryland 21202.
Attorneys at Brower Piven have combined experience litigating
securities and class action cases of over 40 years. If you choose
to retain counsel regarding this matter, you may retain Brower
Piven without financial obligation or cost to you, or you may
retain other counsel of your choice.
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