NEW YORK, Aug. 17, 2016 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Post Properties Inc.
("PPS" or the "Company") in connection with the proposed
acquisition of the Company by Mid-American Apartment Communities
Inc. ("Mid-American"). On August 15,
2016, the Company announced that it had reached a definitive
agreement for Mid-American to acquire all outstanding shares of PPS
in a transaction valued at approximately $3.9 billion. Under the terms of the
agreement, PPS shareholders will receive 0.71 of a share of
Mid-American for each PPS share they own. This represents a
consideration of $66.96 per share,
based on Mid-American's August 17
closing price.
WeissLaw is investigating whether PPS's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of $72.00 per share, or $5.04 above the offer price. Additionally,
PPS shares traded at $67.71 as
recently as August 2. Finally, upon completion of the
transaction, PPS shareholders will own a mere 32.3% of the newly
combined company.
Given these facts, WeissLaw is investigating the Board of
Directors' decision to sell PPS and whether PPS shareholders will
obtain their fair and proportionate share of the Company's
continued success and future growth prospects. If you own PPS
shares and would like more information about your rights or our
investigation, or if you have information to share with us, please
contact Joshua Rubin by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP