An investigation on behalf of investors of Crexus Investment Corp (NYSE:CXS) in connection with the proposed takeover was announced and NYSE:CXS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/14/2012 -- An investigation on behalf of investors in Crexus Investment Corp (NYSE:CXS) shares was announced concerning whether the offer by Annaly Capital Management, Inc to acquire Crexus Investment Corp for $12.50 per NYSE:CXS share and the takeover process are unfair to investors in NYSE:CXS shares.
Investors who purchased shares of Crexus Investment Corp (NYSE:CXS) prior to November 12, 2012, and currently hold any of those NYSE:CXS shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Crexus Investment Corp breached their fiduciary duties owed NYSE:CXS investors in connection with the proposed acquisition.
On November 12, 2012, Annaly Capital Management, Inc. (NYSE: NLY) announced that it has proposed to the Board of Directors of CreXus Investment Corp. (NYSE: CXS) to acquire for cash all of the shares of CreXus Investment Corp. that Annaly Capital Management does not currently own. Under the terms of the proposal, Annaly Capital Management proposes to acquire all the CreXus Investment Corp shares it does not already own for $12.50 per share in cash.
However, given that CreXus has approximately 76,630,528 shares of common stock outstanding, of which Annaly holds 9,527,778 shares, or approximately 12.4% and that NYSE:CXS shares traded in early 2011 as high as $13.36 per share, the investigation a law firm concerns whether the proposed transaction is unfair to NYSE:CXS stockholders.
Forthermore, Crexus Investment’s financial performance improved lately. In fact, it reported that its annual Revenue rose from $20.73 million in 2010 to $105.67 million in 2011 and its Net Income over the respective time periods increased from $11.89 million to $108.40 million.
Therefore, the investigation focuses on whether the Crexus Investment 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.
Those who are current investors in Crexus Investment Corp (NYSE:CXS), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego