Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of
the Colonial Properties Trust Proposed Acquisition by Mid-America Apartment
SAN DIEGO -- June 3, 2013
Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether
members of the board of directors of Colonial Properties Trust (NYSE:CLP)
breached their fiduciary duties in connection with the proposed acquisition by
Mid-America Apartment Communities Inc. (NYSE: MAA).
On June 3, 2013, Mid-America announced that it had entered into a definitive
merger agreement to acquire Colonial Properties. Colonial Properties
shareholders will receive 0.36 of a Mid-America share for each share of
Colonial Properties owned. Based upon Friday’s closing price this represents
$24.47 per share.
The investigation will determine whether the board of directors breached their
fiduciary duties to stockholders by failing to satisfactorily shop the company
before entering into this agreement. Jim Baker, lead analyst for Johnson &
Weaver, stated that, "Mid-America’s offer appears to be inadequate and not in
the best interest of Colonial Properties shareholders." Baker noted that this
real estate investment trust (REIT) has been steadily increasing dividends to
shareholders as a result of its superior performance. Additionally, many
analysts have a price target greater than the buyout price.
If you are a Colonial Properties shareholder and are interested in learning
more about the investigation or your legal rights and remedies, please contact
lead analyst Jim Baker (email@example.com) at 619-230-0063.
Johnson & Weaver, LLP is a nationally recognized shareholders’ rights law
firm. The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
Johnson & Weaver, LLP
Jim Baker, 619-230-0063 Ext. 118
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