(WRI): Johnson Fistel Investigates Proposed Sale of Weingarten Realty; Are Shareholders Getting a Fair Deal?
SAN DIEGO, April 15, 2021 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Weingarten Realty Investors (NYSE: WRI) ("Weingarten" or the "Company") breached their fiduciary duties in connection with the proposed sale of the Company to Kimco Realty Corp. (NYSE: KIM).
On April 15, 2021, Weingarten announced that it had entered into a definitive merger agreement with Kimco. Under the terms of the deal, each Weingarten common share will be converted into 1.408 newly issued shares of Kimco common stock plus $2.89 in cash. Based on Kimco's closing stock price on April 14, 2021, this represents a total consideration of approximately $30.32 per Weingarten share.
Weingarten shareholders will be subject to the future price fluctuation of Kimco's stock price.
The investigation concerns whether the Weingarten board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Weingarten shares of common stock.
If you are a shareholder of Weingarten and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP
