NEW YORK, Aug. 17, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Post Properties Inc. ("PPS" or the "Company") in connection with the proposed acquisition of the Company by Mid-American Apartment Communities Inc. ("Mid-American"). On August 15, 2016, the Company announced that it had reached a definitive agreement for Mid-American to acquire all outstanding shares of PPS in a transaction valued at approximately $3.9 billion. Under the terms of the agreement, PPS shareholders will receive 0.71 of a share of Mid-American for each PPS share they own. This represents a consideration of $66.96 per share, based on Mid-American's August 17 closing price.
WeissLaw is investigating whether PPS's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $72.00 per share, or $5.04 above the offer price. Additionally, PPS shares traded at $67.71 as recently as August 2. Finally, upon completion of the transaction, PPS shareholders will own a mere 32.3% of the newly combined company.
Given these facts, WeissLaw is investigating the Board of Directors' decision to sell PPS and whether PPS shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own PPS 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 protected].
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 [email protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
SOURCE WeissLaw LLP