XO Holdings, Inc. (XOHO - XO Communications) Message Board

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Technology Stocks : XO Holdings, Inc. (XOHO - XO Communications)

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To: FJB who wrote (580)	1/28/2011 9:12:57 AM
From: tech101	1 Recommendation of 615

Madoff Roommate - Getting Even Closer Hanzel vs XO/Icahn - A New Case in the Delaware Court bloomberg.com XO Holdings Sued Over 70 Cents-a-Share Icahn Offer XO Holdings Inc. was sued by a shareholder who contends a 70 cents-a-share takeover offer from an affiliate of Chairman Carl Icahn undervalues the telecommunications company. XO directors have a duty to get the best price for the shares, which recently have been trading above the offer, said Cindy Henzel, an investor in the Herndon, Virginia-based company, in a Delaware Chancery Court complaint filed Jan. 26. Henzel said the consideration “is indeed a discount to the company’s shareholders,” and “is unfair and grossly inadequate” for XO, which reported $1.52 billion in sales for 2009. Icahn, with 91.5 percent of the stock, said Jan. 21 he would buy 100 percent of the company through his ACF Industries Holding Corp., according to the complaint. XO said Jan. 21 it had formed a special board committee to evaluate the offer. Icahn didn’t immediately return a call to his New York office seeking comment on the lawsuit. XO rose 2 cents, or 2.7 percent, to 76 cents in over-the- counter trading in New York. The stock has climbed 23 percent in the past year. The case is Henzel v. XO Holdings, CA6150, Delaware Chancery Court (Wilmington).

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