Dick Clark’s Firm Faces Shareholder Suit
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Dick Clark Productions Inc. faces a shareholder suit that seeks to block a $140-million investor-group buyout.
A group of buyers including Mosaic Media Group Inc., Capital Communications CDPQ Inc. and entertainment industry veteran Jules Haimovitz last week announced the planned purchase of Dick Clark Productions.
Shareholder Walter Valenti says Dick Clark’s management designed the offer to serve their personal interests and that the buyout price of $14.50 a share in cash is “grossly inadequate and unfair.”
The suit was filed in Los Angeles Superior Court.
Burbank-based Dick Clark didn’t return a call for comment.
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