Singapore markets closed
  • Straits Times Index

    3,055.02
    -68.24 (-2.18%)
     
  • Nikkei

    28,084.47
    +636.46 (+2.32%)
     
  • Hang Seng

    28,027.57
    +308.90 (+1.11%)
     
  • FTSE 100

    7,043.61
    +80.28 (+1.15%)
     
  • BTC-USD

    47,891.23
    -1,939.58 (-3.89%)
     
  • CMC Crypto 200

    1,398.33
    +39.77 (+2.93%)
     
  • S&P 500

    4,173.85
    +61.35 (+1.49%)
     
  • Dow

    34,382.13
    +360.68 (+1.06%)
     
  • Nasdaq

    13,429.98
    +304.99 (+2.32%)
     
  • Gold

    1,844.00
    +20.00 (+1.10%)
     
  • Crude Oil

    65.51
    +1.69 (+2.65%)
     
  • 10-Yr Bond

    1.6350
    -0.0330 (-1.98%)
     
  • FTSE Bursa Malaysia

    1,582.52
    +4.88 (+0.31%)
     
  • Jakarta Composite Index

    5,938.35
    -37.44 (-0.63%)
     
  • PSE Index

    6,269.36
    +32.96 (+0.53%)
     

Barrack, Rodos & Bacine Announces Investigation Into Merger of MSGN and MSGE

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Barrack Rodos & Bacine
·2-min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

PHILADELPHIA, April 20, 2021 (GLOBE NEWSWIRE) -- Barrack, Rodos & Bacine announces that it is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of MSG Networks Inc. (NYSE: MSGN) in connection with the proposed acquisition of the company by Madison Square Garden Entertainment Corp. (NYSE: MSGE). Under the terms of the merger agreement, MSGN shareholders will receive 0.172 shares of MSGE for each share of MSGN common stock that they own. When the merger was announced, the implied per-share merger consideration was $16.16 based upon MSGE's March 26, 2021 closing price of $93.95, representing a 7% discount to where it had ended the day before. The consideration has only decreased in value since that time.

The deal has been heavily criticized as undervaluing MSGN. Stockholders have also questioned the rationale for the merger. Both companies are controlled by the Dolan family, which has committed to voting their majority shares in favor of the deal. Minority shareholders of MSGN have not been provided a majority of the minority vote for the transaction so MSGN shareholders will not be able to effectively oppose the transaction by voting.

Holders of MSGN stock are encouraged to contact Michael Toomey or Julie Palley of Barrack Rodos & Bacine, at the following toll-free number: 877-386-3304, or via e-mail to mtoomey@barrack.com or jpalley@barrack.com.

Philadelphia-based Barrack Rodos & Bacine has more than three decades of experience prosecuting securities law class actions, including cases involving accounting fraud, and has achieved some of the largest recoveries in the history of such litigation. The Firm also has extensive experience representing investors who received stock of another company in a merger, and suffered losses when it was later disclosed that accounting misstatements had been made.