An investigation on behalf of investors of Equity One, Inc. (NYSE:EQY) in connection with the proposed takeover was announced and NYSE:EQY stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/21/2016 -- The acquisition of Equity One, Inc. is under investigation over potential wrongdoing. The investigation was announced on behalf of investors, who currently hold NYSE:EQY shares concerning whether the takeover of Equity One, Inc. by Regency Centers Corporation for a value of approximately $29.42 per share is unfair.
Investors who purchased shares of Equity One, Inc. (NYSE:EQY) and currently hold any of those NYSE:EQY shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain directors of Equity One, Inc. breached their fiduciary duties owed to NYSE:EQY investors in connection with the proposed acquisition.
On November 14, 2016, Regency Centers Corporation (NYSE: REG) and Equity One, Inc. (NYSE: EQY) announced that they have entered into a definitive merger agreement under which Equity One will merge with and into Regency, with Regency continuing as the surviving public company. Under the terms of the Agreement, each share of Equity One common stock will be converted into 0.45 shares of newly issued shares of Regency common stock. Based on a closing price of $65.38 per NYSE:REG shares on November 17, 2016, shareholder of Equity One, Inc. (NYSE:EQY) will receive a value of approximately $29.42 per NYSE:EQY share.
However, given that at least one analyst has set the high target price for NYSE:EQY shares at $35.00 per share and given that NYSE:EQY shares reached as high as $30.63 per share after the takeover news, the investigation concerns whether the offer is unfair to NYSE:EQY stockholders.
In addition, given that Gazit-Globe, which owns approximately 34 percent of the outstanding stock of Equity One, has already agreed to vote in favor the transaction, the investigation concerns whether the Equity One Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
On November 18, 2016, NYSE:EQY shares closed at $29.46 per share.
Those who are current investors in Equity One, Inc. shares have certain options and should contact the Shareholders Foundation.