NEW YORK, Dec. 19, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of BRE Properties, Inc. ("BRE" or the "Company") (NYSE: BRE) (ISIN: US05564E1064) (CUSIP: 05564E106) concerning the proposed acquisition of BRE by Essex Property Trust, Inc. ("Essex").
The investigation concerns whether the BRE directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, BRE shareholders will receive 0.2971 newly issued shares of Essex common stock plus $12.33 in cash for each share of BRE common stock, valued at $56.21 per BRE share. However, the Price to EBIT and Book Value multiples are below the averages of comparable transactions, and the BRE stock closed above the offered price less than two weeks ago.
BRE shareholders seeking more information about this acquisition are advised to contact Ofer Ganot at firstname.lastname@example.org or 212-661-1100, ext. 315.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
212-661-1100 ext. 315
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP