NEW YORK, April 15, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Hatteras Financial Corp. ("HTS" or the "Company") in connection with the proposed acquisition of the Company by Annaly Capital Management Inc. ("Annaly"). On April 11, 2016, HTS and Annaly jointly announced the proposed acquisition of HTS in a transaction valued at approximately $1.5 billion. Under the terms of the agreement, HTS shareholders can elect to receive: (i) 1.5226 shares of Annaly's common stock; (ii) $5.55 in cash and 0.9894 shares of Annaly's common stock; or (iii) a one-time cash payment of $15.85 for each HTS share they own.
WeissLaw is investigating whether HTS's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the offer price represents a mere 10% premium over HTS's April 8 trading price of $14.42. Additionally, at least one analyst set a target price of $20.00, or $4.15 above the offer price. Finally, Annaly announced that it expected the acquisition to reinforce its stature as industry leader, making it "the largest, liquid and diversified mortgage REIT in the world." Annaly further stated that its shareholders would "benefit from the increased scale, liquidity, asset and business diversification" as the transaction is expected to be accretive from both an earnings and book value perspective.
Given these facts, WeissLaw is investigating whether HTS's Board acted in the best interests of HTS's public shareholders to maximize shareholder value prior to entering into the agreement. If you own HTS shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at email@example.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
SOURCE WeissLaw LLP