An investigation on behalf of investors of WCI Communities Inc (NYSE:WCIC) in connection with the proposed takeover was announced and NYSE:WCIC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/27/2016 -- The takeover of WCI Communities Inc is under investigation over potential wrongdoing. The investigation was announced on behalf of investors, who currently hold NYSE:WCIC shares, concerning whether the takeover of WCI Communities Inc by Lennar Corporation for $25.95 per share is unfair to NYSE:WCIC stockholders.
Investors who purchased shares of WCI Communities Inc (NYSE:WCIC) and currently hold any of those NYSE:WCIC 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 WCI Communities Inc breached their fiduciary duties owed to NYSE:WCIC investors in connection with the proposed acquisition.
On Sept. 22, 2016, WCI Communities Inc (NYSE:WCIC) announced the signing of a merger agreement under which Lennar Corporation (NYSE: LEN and LEN.B) has agreed to acquire all of the outstanding shares of WCI Communities Inc (NYSE:WCIC) common stock in a cash and stock transaction valued at $23.50 per NYSE:WCIC share.
However, given that at least one analyst has set the high target price for NYSE:WCIC shares at $25.00 per share and given that NYSE:WCIC shares reached as high as $25.95 per share in September 2015, the investigation concerns whether the offer is unfair to NYSE:WCIC stockholders. More specifically, the investigation concerns whether the WCI Communities 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.
Shares of WCI Communities Inc (NYSE:WCIC) closed on September 26, 2016, at $23.84 per share.
Those who are current investors in WCI Communities Inc shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com