An investigation on behalf of investors of Crexus Investment Corp (NYSE:CXS) in connection with the proposed takeover was announced and NYSE:CXS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/06/2013 -- An investigation on behalf of investors in Crexus Investment Corp (NYSE:CXS) shares was announced concerning whether the offer by Annaly Capital Management, Inc to acquire Crexus Investment Corp for $13.00 per NYSE:CXS share and the takeover process are unfair to investors in NYSE:CXS shares.
Investors who purchased shares of Crexus Investment Corp (NYSE:CXS) prior to January 31, 2013, and currently hold any of those NYSE:CXS 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 Crexus Investment Corp breached their fiduciary duties owed NYSE:CXS investors in connection with the proposed acquisition.
On Jan. 31, 2013 CreXus Investment Corp. (NYSE: CXS) announced that it has entered into a merger agreement pursuant to which Annaly Capital Management, Inc. (NYSE: NLY) will acquire all of the outstanding shares of common stock of the Company not currently owned by Annaly Capital Management, Inc. for $13.00 per share in cash.
However, given that following the takeover news shares of Crexus Investment Corp (NYSE:CXS) jumped in the open market to $13.29 per share, thus well above the current offer, the investigation a law firm concerns whether the proposed transaction is unfair to NYSE:CXS stockholders.
In fact, Crexus financial performance improved lately. For instance, Crexus Investment Corp reported that its annual Revenue rose from $20.73 million in 2010 to $105.67 million in 2011 and that its Net Income surged from $11.89 million in 2010 to $108.40 million in 2011. Shares of Crexus Investment Corp (NYSE:CXS) grew from $8.41 per share in October 2011 to $12.37 per share in November 2012.
Therefore, the investigation focuses on whether the Crexus Investment 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.
Those who are current investors in Crexus Investment Corp (NYSE:CXS), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
Copyright © 2005-2013 - SBWire, The Small Business Newswire - All Rights Reserved - Important Disclaimer
Contact Us: 888-4-SBWIRE (US) - 920-321-1250 (International)