Ordinarily, the business judgment rule would apply. In this case it is my opinion, though it is to be decided, a higher standard may apply--something like the Unocal Enhanced Scrutiny Test, but different. In the FON/PCS recombination, the Articles of Incorporation specifically require the deal be fair to BOTH shareholders. Consequently, a plaintiff's claim that the AWE deal has changed the valuation landscape becomes, in my opinion , irrelevant. PCS shareholders are not entitled to an acquisition premium. I can't see the cases succeeding on the merits.
I find the Investor Relations comment to be quite thorough compared to what you would get from any other company.However, the speculation that PCS is trading at a premium because FON is the "anchor equity" is just irrelevant. It show little knowledge of arbitrage.
Looks like it's a done deal. Nice to see easy positive numbers today, makes it marginally safer to really put size on.