WILMINGTON, Del.--(BUSINESS WIRE)--
Rigrodsky & Long, P.A.:
- Do you own shares of BRE Properties, Inc. (NYSE: BRE)?
- Did you purchase any of your shares prior to December 19, 2013?
- Do you think the proposed buyout price is too low?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of BRE Properties, Inc. (“BRE” or the “Company”) (NYSE: BRE) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Essex Property Trust, Inc. (“Essex”) (NYSE: ESS) in a transaction valued at approximately $4.3 billion.
Click here to learn more: http://www.rigrodskylong.com/investigations/bre-properties-inc-bre.
Under the terms of the agreement, public shareholders of BRE will receive 0.2971 newly issued shares of BRE common stock and $12.33 in cash for each share of BRE they own. Based on Essex’s closing stock price on December 18, 2013, BRE shareholders would have received consideration valued at approximately $56.21 per share.
The investigation concerns whether BRE’s board of directors failed to adequately shop the Company and obtain the best possible value for BRE’s shareholders before entering into an agreement with Essex. According to Yahoo! Finance, at least one analyst has issued a price target for BRE stock at $59.00 per share.
If you own the common stock of BRE and purchased your shares before December 19, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530, by telephone at (888) 969-4242; by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/bre-properties-inc-bre.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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