As a reporter who has covered the M&A business for decades, I’m always hesitant to report such lawsuits as “big news.” Often, they’re more like ambulance chasing litigation filed by disgruntled fringe investors.
Gabelli, for his part, tells On The Money, he hasn’t made up his mind. He was clear to point out that his recent filing in Delaware’s Chancery Court, the go-to venue to settle such disputes — is “not a lawsuit.” It’s more of a request for information. Under the terms of the deal, the Redstone family gets $1.75 billion and some degree of legal indemnification if people like Gabelli sue. The common shareholders get a future of promises with Skydance and RedBird putting money into the company and providing new blood in terms of management.
That’s why one veteran telecom lawyer who advises companies on shareholder lawsuits is bracing for more action.
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