Investigations into Liberty Broadband, Adams Resources, ROIC, and Fresh Vine Wine

November 19, 2024 06:02 AM AEDT | By Team Kalkine Media

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Headlines

Liberty Broadband, Adams Resources, and ROIC Enter Acquisition Agreements

Brodsky & Smith Investigates Fair Process for Shareholders

Potential Concerns Surround Fair Value in Acquisition Deals

Brodsky & Smith has released a shareholder update regarding current investigations into several acquisition deals affecting companies listed on Nasdaq and NYSE. This update includes information on Liberty Broadband Corporation (Nasdaq: LBRDA, LBRDK, LBRDP), Adams Resources & Energy, Inc. (NYSE American: AE), Retail Opportunity Investments Corp. (Nasdaq:ROIC), and Fresh Vine Wine, Inc. (NYSE:VINE).

Under a merger agreement, Liberty Broadband Corporation will be acquired by Charter Communications, Inc. (NASDAQ:CHTR). Each Liberty Broadband common stockholder will receive a portion of Charter common stock for each Liberty Broadband share held. Additionally, holders of Liberty Broadband preferred stock are set to receive newly issued cumulative redeemable preferred shares of Charter. This investigation by Brodsky & Smith examines whether the Liberty Broadband board fulfilled its fiduciary responsibilities to shareholders, especially concerning whether the exchange terms reflect fair value.

For Adams Resources & Energy, an agreement has been reached for its acquisition by an affiliate of Tres Energy LLC. In this all-cash transaction, Adams stockholders will receive a set amount per share. Brodsky & Smith’s investigation centers on the Adams board’s process in this deal, questioning whether shareholders’ interests were properly safeguarded and whether the offered amount represents fair value.

Retail Opportunity Investments Corp. (ROIC) is also involved in an acquisition agreement with Blackstone (NYSE:BX). Under the terms, ROIC shareholders will receive a cash payout per share in a transaction valued in the billions. Similar to other investigations, Brodsky & Smith is assessing whether the ROIC board upheld its fiduciary duty to ensure a fair process and appropriate valuation.

These shareholder updates highlight Brodsky & Smith's efforts to ensure fair treatment for shareholders during acquisitions, focusing on the need for due diligence in reviewing all aspects of transaction value and board responsibilities.

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