DALLAS--(Kendall Law Group, led by former federal judge Joe Kendall, is investigating LoopNet, Inc. (NASDAQ: LOOP) for shareholders in connection with the proposed acquisition by CoStar Group, Inc. The national securities firm’s investigation seeks to determine whether LoopNet and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are a LoopNet shareholder and would like additional information about your rights, contact the Kendall Law Group at 877-744-3728 or by email at firstname.lastname@example.org.)--
On April 27, 2011, the companies announced the definitive merger agreement under which LoopNet would be acquired by CoStar Group, in a transaction valued at approximately $860 million. Under the terms of the agreement, LoopNet stockholders will receive $16.50 in cash and 0.03702 shares of CoStar Group common stock (NASDAQ: CSGP) for each share of LoopNet/LOOP common stock held. The firm’s investigation seeks to determine whether LoopNet and its Board undertook a fair process in negotiating the deal.
Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.