Shareholders sue Univision.Los Angeles-based Univision Communications Inc. is facing two shareholder lawsuits aimed at blocking acquisition of the nation's largest Spanish-language broadcaster by an investor group led by billionaire Haim Saban  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. .
Univision's board of directors on June 26 approved Saban's $12.3 billion bid. By announcing the agreement three days before a June 30 preliminary second-quarter earnings report, the company denied shareholders the full value of their investment, claims a suit filed June 28 in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County Superior Court by shareholder Spencer Abrams. "The proposed acquisition is the product of a hopelessly hope·less adj. 1. Having no hope; despairing. See Synonyms at despondent. 2. Offering no hope; bleak. 3. Incurable. 4. Having no possibility of solution; impossible. flawed flaw 1 n. 1. An imperfection, often concealed, that impairs soundness: a flaw in the crystal that caused it to shatter. See Synonyms at blemish. 2. process that was designed to ensure the sale of Univision to one buying group, and one buying group only, on terms preferential pref·er·en·tial adj. 1. Of, relating to, or giving advantage or preference: preferential treatment. 2. to the buying group," the suit said. Abrams is seeking class action status for his suit. A second shareholder suit, filed June 27 in Los Angeles Superior Court, also claims Univision failed to give adequate consideration to competing offers. Univision has not yet commented on the suits. |
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