Abbey White
Staff Writer
DirecTV and AT&T are now facing a lawsuit over their recent merger. Filed by shareholder Teresa Silvestri on Thursday in Los Angeles Superior Court, the class action objects to the union, worth an estimated $48 million dollars. Considering the long-term potential, the investor claims the purchase price is not high enough.
The suit names the statcaster and its board members, as well as AT&T, as defendants. This includes Peter Lund, former CBS honcho, and Tony Vinciquerra, an ex-Fox Networks Group chief. It also demands a trial by jury, claiming breach of fiduciary duty as well as aiding and abetting breach of fiduciary duty.
“In approving the Proposed Acquisition … the Individual Defendants have breached their fiduciary duties of loyalty, good faith, due care and disclosure by … agreeing to sell DirecTV without first taking steps to ensure that Plaintiff and Class members would obtain adequate, fair and maximum consideration under the circumstances and engineering the Proposed Acquisition to benefit themselves and/or AT&T without regard for DirecTV public shareholders.”
AT&T finalized its $48.5 billion stock and cash acquisition of DirecTV less than two weeks ago. The deal is on a similar scale to Comcast’s proposed $45 billion merger with Time Warner Cable.
You can read the Class Action Complaint on Deadline. Be sure to let us know what you think of this merger in the comments below.
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