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ProLogis Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by AMB Property Corporation

^{Published on 2011-02-04 05:36:02 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of [ Powers Taylor, LLP ] are investigating potential legal claims against the Board of Directors of ProLogis (NYSE: PLD) related to the proposed buyout of ProLogis by AMB Property Corporation (aAMBa). The definitive acquisition agreement, which was announced on February 3, 2011, involves a stock-for-stock transaction, whereby each ProLogis shareholder will receive a fixed ratio of 0.04464 shares of AMB for each share of ProLogis/PLD owned.

"Based on the lack of any premium to shareholders, and other factors, we have concern whether the proposed acquisition is fair to ProLogis shareholders, and we want to ensure that the shareholders are receiving the maximum value for their stock"

Based on AMBa™s prior closing price, the deal has an implied value of $14.70 per share. However, ProLogis shares traded as high as $16.52 per share as recently as January 27, 2011. aBased on the lack of any premium to shareholders, and other factors, we have concern whether the proposed acquisition is fair to ProLogis shareholders, and we want to ensure that the shareholders are receiving the maximum value for their stock,a said shareholder rights attorney Willie Briscoe.

The investigation relates to the fairness of the proposed transaction to ProLogis shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of ProLogis for approving this transaction, and whether ProLogisa™ Board of Directors acted in the shareholdersa™ best interests.

If you currently own shares of ProLogis/PLD and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.