NEW YORK--(BUSINESS WIRE)--First graph, second sentence of release should read: Carl Icahn, the Chairman and holder of over 91% (sted Carl Icahn, the Chairman and holder of over 62%).
The corrected release reads:
MANAGEMENT BUYOUT OF XO HOLDINGS INVESTIGATED BY TRIPP LEVY PLLC ON BEHALF OF XO SHAREHOLDERS
Tripp Levy PLLC, a leading national securities law firm, announces an investigation into the acquisition of XO Holdings Inc. (OTCBB: XOHO). On January 19, 2011, Carl Icahn, the Chairman and holder of over 91% of the outstanding shares of XO, proposed to acquire the remaining shares of XO that he does not already own for only $0.70 per share. Icahn stated that in no event will he vote his shares in favor of another bid by a third party.
The investigation concerns, among other things, whether the consideration to be paid to XO shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of XO. Indeed, the offer is 6.7% below the price that XO’s shares traded at the day prior to the announcement of this offer. The investigation further concerns whether Icahn, as the majority holder, as well as the directors of XO may not be acting in XO shareholders' best interests in connection with the proposed transaction.
If you own XO common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
| Tripp Levy |
| Tripp Levy PLLC |
| 125 East 82nd Street |
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9th Floor |
| New York, New York |
| Toll Free: 877-772-3975 |
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Email: contact@tripplevy.com
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Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States.