An investigation for investors in NYSE:TPGI shares over potential wrongdoing in connection with the proposed takeover of Thomas Properties Group, Inc was announced and current NYSE:TPGI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/30/2013 -- An investigation on behalf of investors, who currently hold NYSE:TPGI shares, is ongoing concerning whether the takeover of Thomas Properties Group, Inc. by Parkway Properties, Inc is unfair.
Investors who purchased shares of the Thomas Properties Group, Inc. (NYSE:TPGI) and currently hold any of those NYSE:TPGI shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
On September 5, 2013, Parkway Properties, Inc.(NYSE:PKY) and Thomas Properties Group, Inc. (NYSE:TPGI) announced that they have signed a merger agreement pursuant to which Thomas Properties will merge with and into Parkway Properties in a stock-for-stock transaction valued at approximately $1.2 billion. Under the terms of the merger agreement, Thomas Properties' shareholders will receive 0.3822 shares of newly issued Parkway common stock in exchange for each share of Thomas Properties common stock, for an implied price per share of $6.26 based on Parkway's closing stock price of $16.37 on September 4, 2013.
However, the investigation by a law firm concerns whether certain officers and directors of Thomas Properties Group, Inc. breached their fiduciary duties owed NYSE:TPGI investors in connection with the proposed acquisition. More specifically, given that at least one analyst has set the target price for NYSE:TPGI shares at $7.00 per share, the investigation concerns whether the $6.26-offer is unfair to NYSE:TPGI stockholders. More specifically, the investigation concerns whether the Thomas Properties Group 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 Sept. 27, 2013, NYSE:TPGI shares closed at $6.64 per share.
Those who are current investors in Thomas Properties Group, Inc. (NYSE:TPGI) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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