An investigation on behalf of investors of BRE Properties Inc (NYSE:BRE) in connection with the proposed takeover was announced and NYSE:BRE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/11/2013 -- An investigation on behalf of investors, who currently hold shares of BRE Properties Inc (NYSE:BRE) shares, was announced concerning whether the proposed takeover of BRE Properties Inc by for a value of approximately $58.07 per share is unfair to NYSE:BRE stockholders.
Investors who purchased shares of BRE Properties Inc (NYSE:BRE) and currently hold any of those NYSE:BRE shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of BRE Properties Inc breached their fiduciary duties owed to NYSE:BRE investors in connection with the proposed acquisition.
On December 4, 2013, rumors surfaced that Essex Property Trust has reportedly offered to acquire BRE Properties, Inc. for about $5 billion. Then on December 9, 2013, BRE Properties, Inc. announced that its Board of Directors, working with its management team and the Company’s advisors, has been in an ongoing process of exploring strategic alternatives to enhance shareholder value. BRE Properties Inc also said that in connection with a solicitation of indications of interest by BRE Properties Inc, the Company has received a non-binding proposal from Essex Property Trust, Inc. (NYSE:ESS) to acquire BRE Properties Inc in a negotiated merger in which each outstanding share of BRE Properties Inc common stock would be exchanged for 0.2971 shares of Essex Property Trust, Inc. (NYSE:ESS) common stock and $12.33 in cash. Based on a closing price of $153.98 per NYSE:ESS share on December 6, 2013 the offer values NYSE:BRE shares at approximately $58.07.
However, given that shares of BRE Properties Inc jumped on December 4, 2013 to $60.95 per share, the investigation concerns whether the offer is unfair to NYSE:BRE stockholders. More specifically, , the investigation concerns whether the BRE Properties Board of Directors will undertake an adequate sales process, adequately shop the company before entering into the transaction, maximize shareholder value by negotiating the best price, and act in the shareholders' best interests in connection with the proposed sale.
BRE Properties Inc reported that its annual Total Revenue rose from $326.75 million in 2010 to $390.14 million in 2012 and that its respective Net Income increased from $53.39 million to $137.14 million.
Shares of BRE Properties Inc grew from $19.04 per share in March 2009 to as high as over $50 in December 2013.
On December 10, 2013, NYSE:BRE shares closed at $57.60 per share.
Those who are current investors in BRE 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