SAN DIEGO, April 11, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Hatteras Financial Corp. (NYSE: HTS) breached their fiduciary duties in connection with the proposed sale of the Company to Annaly Capital Management, Inc. (NYSE: NLY).
Hatteras operates as an externally-managed mortgage real estate investment trust (REIT) in the United States.
On April 11, 2016, Hatteras announced it had signed a definitive merger agreement with Annaly. Under the terms of the agreement, Hatteras shareholders may elect to receive: (a) $5.55 in cash and 0.9894 shares of Annaly common stock; (b) $15.85 in cash; or (c) 1.5226 shares of Annaly common stock. Hatteras shareholders who elect the Cash Consideration Option or Stock Consideration Option will be subject to proration, in each of the exchange offer and the subsequent second step merger, so that the aggregate consideration will consist of approximately 65% of Annaly's common stock and approximately 35% in cash.
The investigation concerns whether the Hatteras 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 the shares of Hatteras common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration, especially given one Wall Street analyst has a $20.00 price target on the stock. Hatteras 52 week high was $18.82.
If you are a shareholder of Hatteras 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.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/hatteras-shareholder-alert-hts-johnson--weaver-llp-launches-an-investigation-into-the-fairness-of-price-and-process-in-proposed-sale-of-hatteras-are-shareholders-getting-a-fair-price-300249082.html
SOURCE Johnson & Weaver, LLP