A lawsuit was filed by an investor in shares of Crexus Investment Corp (NYSE:CXS) in effort to block the proposed takeover and NYSE:CXS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/26/2012 -- An investor in shares of Crexus Investment Corp (NYSE:CXS) filed a lawsuit to block the proposed takeover of Crexus Investment Corp by Annaly Capital Management, Inc at $12.50 per NYSE:CXS share.
Investors who purchased shares of Crexus Investment Corp (NYSE:CXS) prior to November 12, 2012, 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 alleges that the defendants breached their fiduciary duties owed NYSE:CXS stockholders by agreeing to sell the company at an unfair price and process to Annaly Capital Management, Inc.
On November 12, 2012, Annaly Capital Management, Inc. (NYSE: NLY) announced that it has proposed to the Board of Directors of CreXus Investment Corp. (NYSE: CXS) to acquire for cash all of the shares of CreXus Investment Corp. that Annaly Capital Management does not currently own. Under the terms of the proposal, Annaly Capital Management proposes to acquire all the CreXus Investment Corp shares it does not already own for $12.50 per share in cash.
However, the plaintiff alleges that the process is unfair to NYSE:CXS investors. In fact, CreXus has approximately 76,630,528 shares of common stock outstanding, of which Annaly holds 9,527,778 shares, or approximately 12.4% before the proposal.
Furthermore, so the plaintiff, the $12.50offer is unfair to NYSE:CXS stockholders. In fact, NYSE:CXS shares traded in early 2011 as high as $13.36 per share, thus above the current offer.
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