Levi & Korsinsky LLP announces it has filed a class action lawsuit in The Circuit Court of Baltimore City, Maryland on behalf of holders of MPG Office Trust, Inc. (“MPG” or the “Company”) (NYSE: MPG) preferred stock. The complaint challenges the proposed merger between MPG and affiliates of Brookfield Office Properties Inc. (NYSE: BPO) and a tender offer proposed by Brookfield for MPG preferred shares.
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Pursuant to the contract governing MPG preferred stock, said shareholders are currently owed approximately $8.58 per share in accrued and unpaid dividends. Indeed, MPG has not paid dividends to its preferred shareholders since 2008. The April 25, 2013 tender offer by Brookfield, however, offers no compensation to preferred shareholders for their accrued and unpaid dividends.
The filed complaint alleges that the proposed tender offer and merger violate the terms of the contract governing the Preferred stock, since the contract states that preferred shares would never be converted without shareholder consent. The complaint further alleges that the terms of the tender offer are wrongfully coercive and unlawful, since preferred shareholders would be forced to choose between tendering their shares and foregoing the accrued dividends owed to them, or converting their shares pursuant to the terms of the merger. The Court has scheduled a preliminary injunction hearing for July 24, 2013 on the condition that the closing of the tender offer and merger be held open pending a decision.
Plaintiffs are represented by Donald J. Enright of Levi & Korsinsky LLP. To obtain additional information, contact Mr. Enright or Joseph E. Levi, Esq. either via email at
or by telephone at (877) 363-5972, or visit
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