A lawsuit was filed in effort tto halt the proposed takeover of Mpg Office Trust Inc and current NYSE:MPG stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/07/2013 -- An investor, who holds shares of Mpg Office Trust Inc (NYSE:MPG), filed a lawsuit in effort to stop the proposed takeover of Mpg Office Trust Inc by a newly formed fund controlled by Brookfield Office Properties Inc. for $3.15 per NYSE:MPG share.
Investors who purchased shares of Mpg Office Trust Inc (NYSE:MPG) prior to April 25, 2013, and currently hold any of those NYSE:MPG shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
On Apr. 25, 2013, MPG Office Trust, Inc. announced that it has entered into a merger agreement pursuant to which a newly formed fund controlled by Brookfield Office Properties Inc. will acquire MPG Office Trust. Under the terms of the merger agreement, the holders of MPG Office Trust’s common shares will receive $3.15 per share in cash at the closing of the merger.
However, the plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:MPG stockholders by agreeing to sell the company too cheaply via an unfair process.
Indedd, NYSE:MPG shares traded as recently as Feb. 12, 2013 as high as $3.22 per share and as high as $3.80 per share in September 2011. Furthermore, MPG Office Trust’s financial performance improved lately. For instance, it reported that its annual Total Revenue declined slightly from $234.96 million in 2011 to $231.17 million in 2012, while its respective Net Income increase from $89.02 million to $384.25 million.
On May 6, 2013, NYSE:MPG shares closed at $3.13 per share.
Those who are current investors in Mpg Office Trust Inc (NYSE:MPG), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego