A lawsuit was filed for investors in shares of Gramercy Property Trust Inc (NYSE:GPT) in connection with the proposed takeover was announced and NYSE:GPT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/12/2015 -- The Shareholders Foundation announced that an investor in shares of Gramercy Property Trust Inc (NYSE:GPT) filed a lawsuit in effort to halt the proposed takeover of Gramercy Property Trust Inc by Chambers Street Properties for a value of approximately $25.36 per share.
Investors who purchased shares of Gramercy Property Trust Inc (NYSE:GPT) and currently hold any of those NYSE:GPT shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:GPT stockholders by agreeing to sell Gramercy Property Trust Inc too cheaply via an unfair process to Chambers Street Properties.
On July 1, 2015, Chambers Street Properties (NYSE:CSG) and Gramercy Property Trust Inc. (NYSE:GPT) announced that they have entered into an agreement to merge with an expected enterprise value of approximately $5.7 billion. Under the terms of the agreement, Gramercy shareholders will receive 3.1898 shares of Chambers Street for each share of Gramercy common stock they own. Based on a closing price of $7.95 per NYSE:CSG share on June 30, 2015 shareholders of Gramercy Property Trust Inc. (NYSE:GPT) will receive a value of approximately $25.36 per share.
However, the plaintiff claims that the proposed consideration NYSE:GPT shareholders will receive is grossly inadequate and undervalues Gramercy Property Trust Inc. Indeed, at least one analyst has set the high target price for NYSE:GPT shares at $34 per share and NYSE:GPT shares traded on the open market as recently as April 2015 as high as $28.60 per share. Gramercy Property Trust Inc reported that its annual Total Revenue rose from $56.70 million in 2013 to $107.94 million in 2014. In addition, the plaintiff claims that the process is also unfair to NYSE:GPT stockholders.
On August 10, 2015, NYSE:GPT shares closed at $23.20 per share.
Those who are current investors in Gramercy Property Trust Inc (NYSE:GPT) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com