NEW YORK, July 28, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Otelco Inc. (NASDAQ: OTEL) breached their fiduciary duties or violated the federal securities laws in connection with the company’s sale to affiliates of Oak Hill Capital.
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On July 27, 2020, Otelco announced that it had signed an agreement to be acquired by Oak Hill for approximately $40.6 million. Pursuant to the merger agreement, Otelco’s stockholders will receive $11.75 in cash for each share of Otelco common stock owned. The deal is scheduled to close in the fourth quarter of 2020.
Bragar Eagel & Squire is concerned that Otelco’s board of directors oversaw an unfair process and ultimately agreed to an inadequate deal price. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Otelco’s stockholders.
If you own shares of Otelco and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa Fortunato or Alexandra Raymond by email at email@example.com or telephone at (646) 860-9157, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.