News

Ticketmaster Shareholders Sue Over Live Nation Merger

12:40 p.m. · February 17, 2009 · by Andrew Winistorfer

A group of Ticketmaster shareholders have sued the convenience charge company ticket broker for selling itself for too cheap in the Live Nation merger.

The suit alleges that Ticketmaster executives took advantage of low stock prices and cut back door deals for themselves while hurting shareholders bottom lines. Ticketmaster's stock price had been down almost 40 percent in the last three months. The deal calls for Ticketmaster shareholders to receive 1.38 shares of Live Nation stock for each share of Ticketmaster they hold, but they would have received more under older prices.

The shareholders are suing Ticketmaster in hopes of blocking the merger, which is still awaiting approval from the Justice Department's antitrust division. [LA Business Journal]