Gramercy (GPT) Alert: Johnson Fistel Investigates Proposed Sale of Gramercy Property Trust; Is $27.50 a Fair Price?
Montag, 07.05.2018 14:05 von PR Newswire
PR Newswire
SAN DIEGO, May 7, 2018
SAN DIEGO, May 7, 2018 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Gramercy Property Trust. (NYSE: GPT) ("Gramercy") breached their fiduciary duties in connection with the proposed sale of the Company to Blackstone Real Estate Partners VIII ("Blackstone")
On May 7, 2018, Gramercy announced that it had signed a definitive merger agreement with Blackstone. Under the terms of the agreement, Blackstone will acquire all outstanding common shares of Gramercy for $27.50 per share in cash.
The investigation concerns whether the Gramercy board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the merger and whether the board obtained the best price possible for Gramercy shareholders. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given one Wall Street analyst has a $33.00 price target on the stock. The 52-week high for Gramercy was $31.26.
If you are a shareholder of Gramercy and believe the proposed sale price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
SOURCE Johnson Fistel, LLP