A lawsuit was filed for investors in shares of Monogram Residential Trust Inc (NYSE:MORE) in connection with the proposed takeover and NYSE:MORE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/15/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of Monogram Residential Trust Inc (NYSE:MORE), filed a lawsuit in effort to halt the proposed takeover of Monogram Residential Trust Inc for $12.00 per share is unfair to NYSE:MORE stockholders.
Investors who purchased shares of Monogram Residential Trust Inc (NYSE:MORE) and currently hold any of those Monogram Residential Trust Inc (NYSE:MORE shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:MORE stockholders by agreeing to sell Monogram Residential Trust Inc cheaply via an unfair process.
On July 4, 2017, Monogram Residential Trust, Inc. (NYSE: MORE) announced that it has entered into a merger agreement to be acquired by a newly formed perpetual life fund, Greystar Growth and Income Fund, LP, led by Greystar Real Estate Partners and its initial founding capital partners, affiliates of APG Asset Management N.V., GIC, and Ivanhoé Cambridge, in a transaction valued at approximately $3.0 billion, including debt to be assumed or refinanced. Under the terms of the merger agreement, Monogram's stockholders will receive $12.00 per share in cash.
However, plaintiff claims that the proposed consideration NYSE:MORE shareholders will receive is grossly inadequate and undervalues Monogram Residential Trust, Inc. Indeed, at least one analyst has set the high target price for NYSE:MORE shares at $12.50 per share. In addition, the plaintiff alleges that the process is also unfair NYSE:MORE stockholders.
Shares of Monogram Residential Trust Inc (NYSE:MORE) closed on August 14, 2017, at $11.99 per share.
Those who are current investors in Monogram Residential Trust Inc 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