MILWAUKEE, Dec. 19, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of BRE Properties for possible breaches of fiduciary duty and other violations of state law in connection with the sale of BRE to Essex Property Trust, Inc.
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BRE's long-term financial outlook is improving and yet BRE shareholders will receive only 0.2971 newly issued shares of Essex common stock plus $12.33 in cash for each share of BRE common stock. Essex is well aware of BRE's improving financial metrics and is purchasing BRE at a substantial discount. The merger agreement unreasonably limits prospective bids for BRE by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should BRE receive and accept a superior bid. BRE insiders, their affiliates and other majority shareholders own significant voting stock of BRE, and will receive tens of millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of BRE not necessarily in the best interests of non-insider shareholders. Our investigation centers on the conduct of BRE's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for BRE given its current financial condition and prospects.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP