MILWAUKEE, June 3, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Colonial Properties Trust for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Colonial Properties to MAA.
Click here to learn how to join the action: http://www.ademilaw.com/case/colonial-properties-trust or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Colonial Properties' long-term financial outlook is very positive and yet Colonial Properties shareholders will receive only the equivalent of approximately $23.50 based on the trading price of MAA and Colonial Properties on June 3, 2013. MAA is well aware of Colonial Properties' solid and improving financial metrics and is purchasing Colonial Properties at a substantial discount. The merger agreement unreasonably limits prospective bids for Colonial Properties by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Colonial Properties receive and accept a superior bid. Colonial Properties insiders, their affiliates and other majority shareholders own significant voting stock of Colonial Properties, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Colonial Properties not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Colonial Properties' 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 Colonial Properties given its current financial condition and prospects.
If you own common stock in Colonial Properties and wish to obtain additional information, please contact Guri Ademi either at email@example.com or toll-free: 866-264-3995 http://www.ademilaw.com/case/colonial-properties-trust.
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