Law Firm Kirby McInerney LLP Investigating Potential Claims On Behalf Of CreXus Investment Corp. Shareholders
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 firstname.lastname@example.org, 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.
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