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Holzer Holzer & Fistel, LLC
Holzer Holzer & Fistel, LLC Announces Investigation Into the Purchase of Cox Radio, Inc. by Cox Enterprises, Inc.
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.