SAN DIEGO, Feb. 26, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Apollo Residential Mortgage, Inc. (NYSE: AMTG) breached their fiduciary duties in connection with the proposed sale of the Company to Apollo Commercial Real Estate Finance, Inc.
Additional Information: Apollo Residential primarily invests in residential mortgage assets in the United States.
On February 26, 2016, Apollo Residential announced it had signed a definitive merger agreement with Apollo Commercial. Apollo Residential stockholders will receive approximately 0.417 Apollo Commercial shares of common stock per Apollo Residential share of common stock and approximately $7.53 per share in cash, based upon Apollo Residential book value per share of common stock on December 31, 2015 of $16.40. The cash portion of the consideration, and thus the total purchase price, is subject to adjustment based upon fluctuations in Apollo Residential book value. Based upon Apollo Residential closing price on February 25, 2016, the consideration is valued at $14.59 a share.
The investigation concerns whether the Apollo Residential board failed to satisfy their duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Apollo Residential shares of common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration, especially given one Wall Street analyst has a $17.00 price target on the stock.
If you are a shareholder of Apollo Residential and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (email@example.com) at 619-814-4471. If emailing, please include a phone number where you can be reached.
About Johnson & Weaver, LLP: Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. 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 http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact: Johnson & Weaver, LLP Jim Baker, 619-814-4471 firstname.lastname@example.org
SOURCE Johnson & Weaver LLP