Law Office of Brodsky & Smith, LLC Announces Investigation of Cornell Companies
20 Aprile 2010 - 6:02PM
Business Wire
Law office of Brodsky & Smith, LLC announces that it is
investigating potential claims against the Board of Directors of
Cornell Companies, Inc. (“Cornell” or the “Company”) (NYSE:CRN)
relating to the proposed acquisition of Cornell by The GEO Group,
Inc. (“GEO”). Under the terms of the agreement, Cornell
shareholders would have the option to elect to receive either 1.3
shares of GEO common stock for each share of Cornell common stock
they own; or an amount of cash consideration equal to the greater
of the fair market value of one share of GEO common stock plus
$6.00 or the fair market value of 1.3 shares of GEO common stock.
The transaction implies an approximate value of $24.96 per Cornell
share.
The investigation concerns possible breaches of fiduciary duty
and other violations of state law related to the Cornell board’s
approval of the proposed transaction. The transaction appears to be
unfair, in part, given that Cornell stock was trading at $24.95 a
share as recently as January 14, 2010 and traded at $23.89 a share
on November 9, 2009.
If you own shares of Cornell and wish to discuss the legal
ramifications of the proposed transaction, or have any questions,
you may e-mail or call the law office of Brodsky & Smith, LLC
who will, without obligation or cost to you, attempt to answer your
questions. You may contact Jason L. Brodsky, Esquire or Evan J.
Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite
602, Bala Cynwyd, PA 19004, by e-mail at
investorrelations@brodsky-smith.com, or by calling toll free
877-LEGAL-90.
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