BUYOUT OF LEAP - LAW FIRM SEEKS HIGHER PRICE FOR SHAREHOLDERS
July 13, 2013
New York, New York
Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of Leap Wireless International Inc. ("LEAP") on behalf of shareholders. ATT announced that it has entered into an agreement to acquire LEAP for $15 per share in cash. Under the terms of the agreement, AT&T will acquire all of Leap’s stock and wireless properties, including licenses, network assets, retail stores and approximately 5 million subscribers. Leap shareholders will also receive a contingent right entitling them to the net proceeds received on the sale of Leap’s 700 Mhz “A Block” spectrum in Chicago, which Leap purchased for $204 million in August 2012.
The investigation concerns whether the senior management and board of directors of LEAP obtained the maximum value for shareholders by engaging in a full and fair independent auction process. Approximately 30% of LEAP shareholders have already voted in favor of the deal. Indeed, the multiples being offered to acquire LEAP are below that of recent comparable deals in the industry. In addition, the investigation concerns whether the senior management of LEAP negotiated personal pay packages and benefits in selling the company while also keeping their lucrative positions.
If you are a shareholder of LEAP and would like additional information as to how to participate with other shareholders who are seeking a higher price, at no cost or expense, please contact us toll free at 1-877-772-3975 or email at contact @ tripplevy.