An investigation on behalf of investors of Post Properties Inc (NYSE:PPS) in connection with the proposed takeover was announced and NYSE:PPS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/22/2016 -- An investigation on behalf of investors, who currently hold shares of Post Properties Inc (NYSE:PPS), was announced over the proposed acquisition of Post Properties Inc. by Mid-America Apartment Communities Inc.
Investors who purchased shares of Post Properties Inc (NYSE:PPS) and currently hold any of those NYSE:PPS shares have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The investigation by a law firm concerns whether certain Post Properties directors breached their fiduciary duties owed to NYSE:PPS investors in connection with the proposed acquisition.
On August 15, 2016, MAA, or Mid-America Apartment Communities Inc (NYSE: MAA) and Post Properties Inc (NYSE:PPS) announced that they have entered into a merger agreement under which Post Properties, Inc. will merge with and into MAA, creating a Sunbelt-focused, publicly traded, multifamily REIT with enhanced capabilities to deliver superior value for residents, shareholders and employees. The combined company is expected to have a pro forma equity market capitalization of approximately $12 billion and a total market capitalization of approximately $17 billion. Under the terms of the agreement, each share of Post common stock will be converted into 0.71 shares of newly issued MAA common stock. Based on a closing price of $102.15 per NYSE:MAA shares on August 12, 2016, shareholders of Post Properties Inc (NYSE:PPS) will receive a value of approximately $72.53 per share.
However, the investigation concerns whether the offer is unfair to NYSE:PPS stockholders. More specifically, the investigation concerns whether the Post Properties 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 August 19, 2016, NYSE:PPS shares closed at $66.63 per share.
Those who are current investors in Post Properties Inc shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego