WeissLaw LLP Investigates GGP Inc. Acquisition
27 Mar, 2018, 04:57 ET
NEW YORK, March 27, 2018 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of GGP Inc. ("GGP" or the "Company") (NYSE: GGP) in connection with the proposed acquisition of the Company by Brookfield Property Partner L.P. ("BPY") (NASDAQ: BPY). Under the terms of the acquisition agreement, the Company's shareholders can elect to receive $23.50 in cash, or either one BPY unit or one share of a newly created U.S. REIT, subject to proration, for each share of GGP they own.
WeissLaw is investigating whether GGP's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the per-share offer is $11.00 less than the analyst target price of $34.50.
Additionally, various analysts are calling for the rejection of the proposed agreement as they expected the offer to be well above $24.00 per share. Analysts with BTIG LLC wrote that they believed the offer to be "wholly inadequate," and significantly below estimates of $28.06 to $32.93.
Given these facts, WeissLaw is investigating whether GGP's shareholders will obtain their fair and proportionate share of the Company's continued success and growth prospects. If you own GGP 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/ggp-inc/
SOURCE WeissLaw LLP
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