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 email@example.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.