An investigation on behalf of investors of CalAtlantic Group Inc (NYSE:CAA) in connection with the proposed takeover was announced and NYSE:CAA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/08/2017 -- An investigation was announced investors in NYSE:CAA shares over the takeover of CalAtlantic Group Inc by Lennar Corporation.
Investors in shares of CalAtlantic Group Inc (NYSE:CAA) have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of CalAtlantic Group Inc breached their fiduciary duties owed to NYSE:CAA investors in connection with the proposed acquisition.
On October 30, 2017, Lennar Corporation (NYSE: LEN and LEN.B) and CalAtlantic Group, Inc. (NYSE: CAA) announced that their respective boards of directors have unanimously approved a definitive merger agreement pursuant to which each share of CalAtlantic stock will be exchanged for 0.885 shares of Lennar Class A common stock in a transaction valued at approximately $9.3 billion, including $3.6 billion of net debt assumed. Based on the closing price of Lennar's Class A common stock on October 27, 2017, the implied value of the stock consideration is $51.34 per share.
However, given that Stuart Miller and the Miller Family Trusts have already agreed to vote their 41.4% voting interest in Lennar in favor of the merger, the investigation concerns whether the offer is unfair to NYSE:CAA stockholders. More specifically, the investigation concerns whether the CalAtlantic Group Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in CalAtlantic Group Inc (NYSE:CAA) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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