Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Cornell Companies
20 Aprile 2010 - 9:33AM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against the board of directors of
Cornell Companies (the “Company”) (NYSE:CRN) related to the
Company’s acquisition by The GEO Group (“GEO”) in a proposed
transaction valued at approximately $685 million, including assumed
debt.
Under the terms of the definitive merger agreement approved by
the Company, Cornell Companies stockholders will have the option to
elect to receive either 1.3 shares of GEO common stock for each
share of Cornell Companies common stock, or cash consideration
equal to the greater of (i) the fair market value of one share of
GEO common stock plus $6.00 or (ii) the fair market value of 1.3
shares of GEO common stock. Based on the closing stock price of
each company’s common stock as of April 16, 2010, and assuming
maximum cash election, the proposed transaction implies a value of
$24.96 per Cornell Companies share. Cornell Companies shares traded
above $25.00 per share as recently as January 2010. The merger is
expected to close in the third quarter of 2010. The investigation
concerns possible breaches of fiduciary duty and other violations
of law related to approval of the transaction by Cornell Companies’
board of directors.
If you own shares of Cornell Companies, if you have information
or would like to learn more about these claims, or if you wish to
discuss these matters or have any questions concerning this
announcement or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at 215-638-4847, Toll Free at
888-638-4847, or by email to howardsmith@howardsmithlaw.com, or
visit our website at http://www.howardsmithlaw.com.
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