BALA CYNWYD, Pa., April 8, 2009 (GLOBE NEWSWIRE) -- Law offices of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Centex Corp. ("Centex" or the "Company") (NYSE:CTX) relating to the proposed acquisition from Pulte Homes, Inc. ("Pulte"). Pulte has agreed to buy Centex in an all-stock deal valued at approximately $1.3 billion.
Under the proposed agreement, Pulte has agreed to pay Centex shareholders 0.975 of a share for each Centex share, valuing Centex at $10.50. The transaction, approved by both companies' boards, includes $1.8 billion in net debt. The offer does not appear to be fair to Centex shareholders given that the Company's stock was trading at over $26.00 per share during the past year and as high as $18.38 in September, 2008. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to Centex's board's approval of the proposed merger.
If you own shares of Centex and wish to discuss the legal ramifications of the proposed acquisition by Pulte, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.