MILWAUKEE, Sept. 5, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Thomas Properties for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Thomas Properties to Parkway.
Click here to learn how to join the action: http://www.ademilaw.com/case/thomas-properties or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Thomas Properties' long-term financial outlook is very positive and yet Thomas Properties shareholders will receive only an implied price per share of $6.26. Parkway is well aware of Thomas Properties' improving financial metrics and is purchasing Thomas Properties at a substantial discount. The merger agreement unreasonably limits prospective bids for Thomas Properties by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Thomas Properties receive and accept a superior bid. Thomas Properties insiders, their affiliates and other majority shareholders own significant voting units of Thomas Properties and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Thomas Properties not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Thomas Properties' Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Thomas Properties given its current financial condition and prospects.
If you own shares of Thomas Properties and wish to obtain additional information, please contact Guri Ademi either at gademi@ademilaw.com or toll-free: 866-264-3995, http://www.ademilaw.com/case/thomas-properties.
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