NEW YORK, Feb. 28, 2018 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the potential sale of PHH Corporation (NYSE: PHH) ("PHH" or the "Company") on behalf of its shareholders. PHH announced that it has entered into a definitive agreement to be acquired by Ocwen Financial Corp. in a cash deal valued at approximately $360 million. Ocwen will acquire PHH for only $11 in cash per share.
Our investigation has determined that the offer price of only $11 per share, unfairly under-values the true going forward inherent value of PHH and that shareholders may not be receiving the maximum value for their shares. Indeed, the book value alone of the Company is worth $16.82 per share and the stock reached a high of $15 per share this year. The investigation further seeks to determine whether PHH's senior management is entering into this deal for their own self-interests to the detriment of the Company's shareholders.
If you are a shareholder of PHH and would like additional information as to how the proposed acquisition may affect your rights as a shareholder, and how you may be eligible to obtain a higher price for your shares at no cost, please contact us at:
Tripp Levy PLLC represents individual and institutional shareholders in mergers and acquisitions transactions and has assisted in the recovery of billions of dollars for shareholders in securities actions around the globe.
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