A lawsuit was filed by an investors of NTS Realty Holdings LP (NYSEAMEX:NLP) in effort to halt the proposed takeover and NYSEAMEX:NLP stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/20/2013 -- An investor in NYSEAMEX:NLP shares filed a lawsuit against the proposed takeover of NTS Realty Holdings LP for $7.50 per NYSEAMEX:NLP share.
Investors who purchased shares of NTS Realty Holdings LP (NYSEAMEX:NLP) prior to Dec. 27, 2012, and currently hold any of those NYSEAMEX:NLP 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 NYSEAMEX:NLP stockholders arising out of the attempt to sell the company too cheaply via an unfair process.
On Dec. 27, 2012, NTS Realty Holdings LP (NYSEAMEX:NLP) announced that it has entered into a merger agreement with entities created and controlled by J.D. Nichols, the founder and Chairman of NTS, and Brian F. Lavin, the President and CEO of NTS. Upon consummation of the merger, all of the outstanding partnership units of NTS not owned by Messrs. Nichols and Lavin and their affiliates would convert into $7.50 per unit in cash.
However, the plaintiff alleges that the offer is too low and undervalues the company. Indeed, NTS Realty Holdings’ financial performance improved lately. It reported that its annual Revenue rose from $40.92 million in 2008 to $54.64 million in 2011.
Those who are current investors in NTS Realty Holdings LP (NYSEAMEX:NLP), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego