MONSEY, N.Y., Feb. 22, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating whether the directors of INDUS Realty Trust, Inc. ( INDT) (“INDUS”) acted in the best interests of INDUS shareholders in approving the sale of INDUS to Centerbridge Partners and GIC Real Estate (“GIC”) for $67.00 per share in cash.
If you remain an INDUS shareholder and have questions about your legal rights, you may contact our firm at the following link to discuss your options at no charge:
https://wohlfruchter.com/cases/indus-realty-trust/
Alternatively, you may contact us by phone at 866-833-6245, or via email at [email protected].
Why is there an investigation?
On February 22, 2023, INDUS announced that it had agreed to be acquired by Centerbridge Partners and GIC for $67.00 per share in cash. The agreement has been approved by the INDUS board of directors (“Board”).
“We are investigating whether the INDUS Board acted in the best interests of INDUS shareholders in approving the sale,” explained Joshua Fruchter, one of the law firm’s name partners. “This includes whether the acquisition price adequately compensates INDUS shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, the $67.00 per share deal price is well below the 52-week high for INDUS of $78.91 per share.
Further, according to an analysis of Wall Street price targets for INDUS in the last 90 days published on Seeking Alpha, there is a high price target for INDUS of $74.00 per share, which indicates at least one Wall Street analyst thinks the deal price is too low.
Finally, an article on SeekingAlpha dated December 7, 2022, written by a former analyst who publishes under the username Weighing Machine, opined that a price of $70.00-$75.00, with an implied cap rate of 5-5.3%, would be more reasonable in the current market environment. At the time of the article, Centerbridge Partners and GIC had made an opening bid of $65.00 per share in cash, which the author characterized as “low-ball.”
About Wohl & Fruchter
Wohl & Fruchter LLP, with offices in New York City and Monsey, has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
[email protected]
www.wohlfruchter.com
