MILWAUKEE, April 26, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of MPG Office Trust, Inc. for possible breaches of fiduciary duty and other violations of state law in connection with the sale of MPG to Brookfield Office Properties Inc.
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MPG's long-term financial outlook is very positive and yet MPG shareholders will receive only $3.15 for common and $25 for preferred shares, well below analyst targets and recent prices. Brookfield is well aware of MPG's improving financial metrics and is purchasing MPG at a substantial discount. The merger agreement and proposed tender unreasonably limit prospective bids for MPG by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should MPG receive and accept a superior bid. MPG insiders, their affiliates and other majority shareholders own significant voting stock of MPG, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of MPG not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of MPG'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 MPG given its current financial condition and prospects.
If you own common stock in MPG and wish to obtain additional information, please contact Guri Ademi either at firstname.lastname@example.org or toll-free: 866-264-3995, http://www.ademilaw.com/case/mpg-office-trust-inc.
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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