Business & Finance
Business and Finance
Business and Finance
Tue, February 1, 2011
Mon, January 31, 2011 The Law Office of Robbins Umeda LLP Is Investigating ProLogis Acquisition for Shareholders
SAN DIEGO--([ BUSINESS WIRE ])--[ Robbins Umeda LLP ], a shareholder rights litigation firm, is investigating possible breaches of fiduciary duty and other violations of state law by members of the board of directors of ProLogis (NYSE: PLD) in connection with their efforts to combine with AMB Property Corporation (NYSE: AMB). The investigation seeks to determine whether ProLogis's board of directors undertook a fair process to obtain maximum value for its shareholders.
On January 26, 2011, ProLogis and AMB announced the definitive agreement to combine through a merger of equals. Under the terms of the current agreement, ProLogis shareholders will receive 0.4464 shares of newly issued AMB common stock. This amounts to an approximate shareholder value of $14.70 per share of ProLogis, which is 3.35% below the closing price of ProLogis on January 28, 2010.
Recently, Citi raised its price target for ProLogis to $15.50, and FBR Capital Markets raised its price target to $17.50, both significantly higher than the eventual offer price. After speculation about a potential deal, the stock traded well above the eventual offer price, including at $16.52 on January 27, 2010. Even before takeover speculation was factored into the price of ProLogis stock, shares traded as high as $14.78, still higher than the price offered for ProLogis shares.
If you own stock in ProLogis and would like more information about your [ rights as a shareholder ], please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at [ info@robbinsumeda.com ].
Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The law firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career [ shareholder rights attorneys ]. Robbins Umeda LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to [ http://www.robbinsumeda.com ].
Attorney Advertising. Past results do not guarantee a similar outcome. We welcome you to [ contact us ] today to discuss your case.
