Gilman Law LLP announces an investigation into a possible breach of fiduciary duty by the AboveNet, Inc. board of directors concerning the acquisition by Zayo Group, LLC. Current shareholders of AboveNet, Inc. are encouraged to contact our office for a free consultation at (888) 252-0048.
The National Securities Law Firm Gilman Law LLP is investigating potential breach of fiduciary duty claims concerning current shareholders of AboveNet, Inc. (“AboveNet”) (NYSE: ABVT) and other violations of state law by the board of directors of AboveNet in connection with the proposed acquisition of AboveNet by the privately-held Zayo Group, LLC. This breach of fiduciary duty investigation seeks to determine whether the board breached its fiduciary duties by failing to maximize shareholder value in negotiating the proposed going-private transaction. The definitive acquisition agreement involves an all cash transaction with a total equity value of approximately $2.2 billion.
Under the terms of the agreement, AboveNet shareholders will receive $84.00 in cash for each share they own. Shareholder’s investigation is focused on whether AboveNet shareholders are receiving adequate compensation for their shares in the buyout and if the AboveNet board of directors attempted to obtain the highest possible price during negotiations with Zayo.
If you are a current shareholder of AboveNet and would like to learn more about the breach of fiduciary duty investigation by the National Securities Law Firm Gilman Law LLP, you may contact our office for a free consultation by calling (239) 221-8301 or by completing the online FREE consulation form.