Faruqi & Faruqi, LLP, Partner Juan E. Monteverde Launches an Investigation of Colonial Properties Trust Over the Proposed Sale of the Company to Mid-America Apartment Communities Inc.
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Colonial Properties Trust (“Colonial” or the “Company”) (NYSE: CLP) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Mid-America Apartment Communities Inc. (“Mid-America”) (NYSE: MAA) in a stock for stock deal valued at approximately $2.1 billion. Under the terms of the proposed transaction, Colonial’s stockholders will receive 0.36 of a Mid-America share for each share of Colonial they own, representing a value of approximately $23.72 per share based upon Mid-America’s June 3, 2013 closing price. According to Yahoo! Finance, at least one financial analyst has set a price target of $26.00 for Colonial.
The investigation focuses on whether Colonial’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Colonial’s shareholders.
If you own common stock in Colonial and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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Juan E. Monteverde
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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