An investigation on behalf of investors of Stonegate Mortgage Corp (NYSE:SGM) in connection with the proposed takeover was announced and NYSE:SGM stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/10/2017 -- The takeover of Stonegate Mortgage Corp is under investigation over potential wrongdoing. The investigation was announced for investors, who currently hold NYSE:SGM shares, concerning whether the takeover of Stonegate Mortgage Corp. by Home Point Financial Corporation for $8.00 per share is unfair.
Investors who purchased shares of Stonegate Mortgage Corp (NYSE:SGM) and currently hold any of those NYSE:SGM shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of Stonegate Mortgage Corp breached their fiduciary duties owed to NYSE:SGM investors in connection with the proposed acquisition.
On January 27, 2017, Home Point Financial Corporation and Stonegate Mortgage Corp (NYSE:SGM) announced that they have entered into an agreement for Home Point to acquire Stonegate Mortgage in an all-cash transaction valued at approximately $211 million. On a pro forma basis, the acquisition would position Home Point as a top-25 mortgage originator and servicer. Under the terms of the agreement, Stonegate Mortgage's stockholders will receive $8.00 per share.
However, given that certain stockholders, directors and executive officers of Stonegate Mortgage with the power to vote approximately 36 percent of Stonegate Mortgage's outstanding common stock have already entered into voting and support agreements with Home Point to vote in favor of, and otherwise support, the transaction, the investigation concerns whether the offer is unfair to NYSE:SGM stockholders. More specifically, the investigation concerns whether the Stonegate Mortgage 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.
Shares of Stonegate Mortgage Corp (NYSE:SGM) traded in 2013 as high as $18.42 per share.
On February 9, 2017, NYSE:SGM shares closed at $7.83 per share.
Those who are current investors in Stonegate Mortgage Corp 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