SureWest Communications Shareholder Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate the Board of SureWest Communications Concerning the Sale of SURW to Consolidated Communications Holdings, Inc.

DALLAS, Feb. 6, 2012 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of SureWest Communications ("SureWest" or "SURW") (NASDAQ: SURW) to Consolidated Communications Holdings, Inc. for shareholders.  Under the proposed transaction, SureWest shareholders will receive either $23.00 in cash or an equivalent amount of Consolidated Communications stock for each share of SureWest/SURW stock owned.

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If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected].  There is no cost or fee to you.

The definitive merger agreement involves an all cash transaction with a total equity value of approximately $340.9 million, exclusive of debt. The deal is expected to close in the second half of 2012.

The investigation centers on whether SureWest shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues SureWest stock, and whether SureWest's board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal.  Although the acquisition price represents an approximate 47% premium over the closing price of SureWest shares the day prior to the buyout announcement, SureWest shares closed as high as $17.50 per share as recently as April 20, 2011.  Further, according to a recent 8-K filed by SureWest, 50% of SureWest shares must be exchanged for Consolidated Communications stock.  The transaction additionally contains an exchange "collar," meaning that for all SureWest shareholders who either elect or are required to accept Consolidated Communications shares in the deal, the maximum exchange ratio will be 1.40565 shares of Consolidated Communications shares for each share of SureWest common stock. According to shareholder rights attorney Willie Briscoe, "Based on these and other factors, we are investigating whether the transaction undervalues SureWest stock.  Our lawsuit will seek to obtain the highest share price for all shareholders."

The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

SOURCE Powers Taylor, LLP