Science & Technology
Science and Technology
Science and Technology 
Fri, March 11, 2011
Thu, March 10, 2011
Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Citadel Broadcasting Corporation, in Connec
BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Citadel Broadcasting Corporation (aCitadela or the aCompanya) (OTC:CDELA) related to the Companya™s agreement to be acquired by Cumulus Media Inc. (aCumulusa). The proposed cash-and-stock transaction is valued at approximately $2.4 billion.
Under the terms of the definitive merger agreement entered into by the parties, Citadel stockholders will have the right to elect to receive $37.00 in cash or 8.525 shares of Cumulus common stock for each share they own of Citadel common stock. If the transaction is completed, Citadel stockholders will own between approximately 30% and approximately 51% of the combined company. The transaction is expected to be completed by the end of 2011. The investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the proposed transaction by Citadela™s board of directors.
If you are a shareholder of Citadel, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].