SAN DIEGO and BIRMINGHAM,
Ala., June 3, 2013 /PRNewswire/
-- Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the merger of Colonial Properties Trust (NYSE: CLP)
and Mid-America Apartment Communities, Inc. (NYSE: MAA). On
June 3, 2013, the companies announced
the signing of a definitive merger agreement under which Colonial
Properties Trust and MAA will merge, creating a publicly traded,
multifamily REIT.
(Logo:
http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Colonial Properties Trust is undertaking a fair
process to obtain maximum value and adequately compensate its
shareholders in the merger.
Is the Merger Best for Colonial Properties Trust and Its
Shareholders?
Under the terms of the agreement, each Colonial Properties Trust
common share will be converted into 0.36 of a newly issued MAA
common share, valued at $24.47.
As an initial matter, the $24.47
merger consideration is significantly below the target price of
$26.00 set by an analyst at Sandler
O'Neill & Partners, L.P. since April 27,
2012.
Further, on April 25, 2013,
Colonial Properties Trust released its financial results for the
first quarter 2013, reflecting an increase in both multifamily
same-property net operating income by 6.8% and multifamily
same-property revenue by 5.2% compared to the first quarter
2012. Further, Colonial Properties Trust ended the quarter
with multifamily same-property physical occupancy of 96.1%.
In announcing the results, Thomas H.
Lowder, Chairman and Chief Executive Officer, commented,
"Simplified and stronger best describe the company and the progress
we have made over the past few years. … Our multifamily development
pipeline is creating significant value for our shareholders, while
the disposition of our commercial assets continues to strengthen
our balance sheet and simplify the company."
Given these facts, the firm is examining Colonial Properties
Trust's board of directors' decision to merge with MAA now rather
than allow shareholders to continue to participate in the company's
continued success and future growth prospects.
Colonial Properties Trust shareholders have the option to file a
class action lawsuit to secure the best possible price for
shareholders and the disclosure of material information so
shareholders can vote on the transaction in an informed manner.
Colonial Properties Trust shareholders interested in
information about their rights and potential remedies can contact
Darnell R. Donahue at (800)
350-6003, ddonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. For more information, please go to
http://www.robbinsarroyo.com.
Press release link:
http://www.robbinsarroyo.com/shareholders-rights-blog/colonial-properties-trust/
Attorney Advertising.Past results do not guarantee a similar
outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
SOURCE Robbins Arroyo LLP