MILWAUKEE, June 2, 2014 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of HCT for possible breaches of fiduciary duty and other violations of state law in connection with the sale of HCT to Veritas.
Click here to learn how to join the action: http://www.ademilaw.com/case/hct or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
HCT's long-term financial outlook is very positive and yet HCT shareholders will receive only 0.1688 Ventas share or $11.33 per share in cash for each ARC share they own, dramatically less than the price target set by some analysts. Veritas is well aware of HCT's improving financial metrics and is purchasing HCT at a substantial discount. The merger agreement unreasonably limits prospective bids for HCT by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should HCT receive and accept a superior bid. HCT insiders and their affiliates own significant stock of HCT, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of HCT not necessarily in the best interest of non-insider shareholders. In light of these facts, our investigation centers on the conduct of HCT'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 HCT given its current financial condition and prospects.
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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