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Terremark Worldwide, Inc. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Verizon - TMRK

^{Published on 2011-01-28 07:21:57 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of [ Powers Taylor, LLP ] are investigating potential legal claims against the Board of Directors of Terremark Worldwide, Inc. (aTerremarka or aTMRKa) (NASDAQ: TMRK) related to the proposed buyout of Terremark by Verizon. The investigation relates to the fairness of the proposed transaction to Terremarka™s shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Terremark for approving this transaction, and whether the companya™s Board of Directors acted in the shareholdersa™ best interests.

"Based on the lack of an appreciable premium to shareholders, and other factors, we have concern whether the proposed acquisition is fair to Terremark shareholders, and we want to ensure that the shareholders are receiving the maximum value for their stock"

The definitive merger agreement, which was announced on January 27, 2011, involves a cash transaction with a total equity value of approximately $1.4 billion. Under the proposed transaction, Terremark shareholders will receive a cash payment of $19.00 for each share of Terremark/TMRK common stock they hold. Verizon has reportedly entered into agreements with three shareholders, representing approximately 27.6 percent of Terremarka™s outstanding voting shares, to tender their shares in favor into the offer. However, as recently as January 12, 2011, Terremark shares closed at $14.81 per share, and it has been reported that over the past six months, Terremark shares have increased in value over 107%. aBased on the lack of an appreciable premium to shareholders, and other factors, we have concern whether the proposed acquisition is fair to Terremark shareholders, and we want to ensure that the shareholders are receiving the maximum value for their stock,a said shareholder rights attorney Willie Briscoe.

If you currently own shares of Terremark/TMRK and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.