NEW YORK -- (Business Wire)
Kirby McInerney LLP is investigating potential claims against the Board
of Directors of CreXus Investment Corp. (“CreXus” or the “Company”)
(NYSE:CXS) related to the proposed acquisition of the Company by Annaly
Capital Management (“Annaly Capital”) (NYSE:NLY). Under the terms of the
agreement, Annaly Capital will acquire all of the shares of CreXus that
it does not already own for $12.50 per share, or approximately $839
million.
The investigation concerns whether the CreXus Board of Directors
violated its fiduciary duties by agreeing to this transaction and
whether the proposed $12.50 per share consideration adequately values
CreXus common shares. Annaly Capital already owns approximately 12.4% of
the Company’s outstanding shares. Further, Fixed Income Discount
Advisory Company (“FIDAC”), a wholly owned subsidiary of Annaly Capital,
manages CreXus and two FIDAC employees are on the CreXus Board of
Directors. The transaction is only a 13% premium to the Company’s
closing price the day before the transaction was announced, and only a
5% premium to the Company’s book value per share.
If you are a CreXus shareholder and wish to obtain additional
information, please contact J. Brandon Walker, Esq. by email at bwalker@kmllp.com,
or by telephone at (212) 699-1145 or (888) 529-4787.
Kirby McInerney LLP is a New York-based law firm concentrating in
securities, shareholder, whistleblower, antitrust and consumer
litigation. For additional information, please go to www.kmslaw.com.
Contacts:
Kirby McInerney LLP
J. Brandon Walker, Esq.
212-699-1145
or 888-529-4787
bwalker@kmllp.com
Source: Kirby McInerney LLP
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