Robbins Umeda LLP Announces an Investigation of the Acquisition of Cornell Companies by The GEO Group
20 Aprile 2010 - 8:51AM
Business Wire
Robbins Umeda LLP has commenced an investigation into possible
breaches of fiduciary duty and other violations of state law by
members of the Board of Directors of Cornell Companies ("Cornell"
or the Company") (NYSE:CRN). Robbins Umeda LLP's investigation
concerns actions taken by the Company's fiduciaries in connection
with them causing Cornell to enter into a definitive merger
agreement with The GEO Group ("GEO") (NYSE:GEO). If the transaction
is completed, Cornell shareholders have the option to elect to
receive either: (i) 1.3 shares of GEO common stock for each share
of Cornell common stock; or (ii) an amount of cash consideration
equal to the greater of (a) the fair market value of one share of
GEO common stock plus $6.00, or (b) the fair market value of 1.3
shares of GEO common stock. The transaction implies a value of
$24.96 per Cornell share. The companies expect the merger to close
in the third quarter of 2010.
Robbins Umeda LLP's investigation concerns whether Cornell's
Board of Directors undertook a fair process to obtain fair
consideration for all shareholders of Cornell.
If you are a shareholder of Cornell and would like more
information about your rights as a shareholder, please contact
attorney Lauren Levi at 800-350-6003 or by e-mail at
llevi@robbinsumeda.com.
Robbins Umeda LLP is a California-based law firm with
significant experience representing investors in merger-related
shareholder class actions, shareholder derivative actions, and
securities fraud class actions. For more information about the
firm, please go to http://www.robbinsumeda.com.
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