A lawsuit was filed for investors of Crexus Investment Corp (NYSE:CXS) in effort to stop the proposed takeover and NYSE:CXS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/13/2013 -- An investor in shares of Crexus Investment Corp (NYSE:CXS) was filed in effort to block the proposed acquisition of Crexus Investment Corp by Annaly Capital Management, Inc for $13.00 per NYSE:CXS.
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 plaintiff claims that the defendants breached their fiduciary duties by agreeing to sell the company too cheaply via an unfair process.
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, the plaintiff alleges that the 13-offer is too low and undervalues the company. Indeed, following the takeover news shares of Crexus Investment Corp (NYSE:CXS) jumped in the open market to as high as $13.32 per share on Feb. 6, 2013,thus well above the current offer. 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.
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