NEW YORK, Sept. 27, 2018 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Select Income REIT ("SIR" or the "Company") (NASDAQ: SIR) in connection with the proposed acquisition of the Company by Government Properties Income Trust ("GOV") (NASDAQ: GOV). Under the terms of the acquisition agreement, SIR shareholders will be entitled to receive 1.04 shares of GOV for each SIR share they own. In addition, SIR, which owns 45 million shares in Industrial Logistics Properties Trust ("ILPT"), will distribute to its shareholders a special dividend of 0.502 ILPT shares per SIR shares held. According to the acquisition announcement, this implies consideration of $17.54 per SIR share.
Owners of SIR shares wishing to discuss this investigation or having any questions concerning this notice or your rights or interests, please contact:
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WeissLaw is investigating whether SIR's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $28.00 per SIR share. Additionally, SIR traded for $20.22, or nearly $3.00 above the per-share consideration, the day before the acquisition announcement
Given these facts, WeissLaw is investigating whether SIR's Board acted in the best interests of SIR's public shareholders to maximize shareholder value prior to entering into the agreement. If you own SIR 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.
SOURCE WeissLaw LLP