NEW YORK, Dec. 18, 2009 (GLOBE NEWSWIRE) -- Tripp Levy PLLC announces an investigation into the proposed acquisition of Airvana, Inc. (Nasdaq:AIRV). On December 18, 2009, Airvana announced that it had entered into a definitive agreement with a newly formed entity, 72 Mobile Holdings LLC, to be owned by affiliates of S.A.C. Private Capital Group, LLC, GSO Capital Partners LP, Sankaty Advisors LLC, and ZelnickMedia, in a transaction valued at approx. $530 million. Under the terms of the agreement, each share of Airvana common stock will be exchanged for $7.65 cash. Certain members of management of Airvana, including Randy Battat, President and CEO, and founders Vedat Eyuboglu and Sanjeev Verma, will exchange a portion of their shares for an equity interest in the acquirer.
The investigation concerns whether the consideration to be paid to Airvana's shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of Airvana. The investigation further concerns whether members of Airvana may have breached their fiduciary duties by not acting in Airvana's shareholders' best interests in connection with the sale process of Airvana.
If you are a current holder of Airvana and would like additional information concerning this proposed transaction, including your rights, please feel free to contact us at the information below.
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