STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Glimcher Realty Trust (“Glimcher” or the “Company”) (NYSE: GRT) relating to the proposed buyout of the Company by Washington Prime Group Inc. (“WPG”).
On September 16, 2014, Glimcher and WPG announced that they have entered into a definitive merger agreement pursuant to which WPG will acquire Glimcher in transaction valued at approximately $4.3 billion. The transaction is expected to close in the first quarter of 2015, though Glimcher shareholders will most likely be asked to vote on the transaction well before that time.
Under the terms of the transaction, Glimcher shareholders are anticipated to receive $10.40 in cash and 0.1989 of a share in WPG stock for each share of Glimcher common stock they own. The firm’s investigation seeks to determine, among other things, whether the Company’s Board of Directors breached their fiduciary duties by failing to maximize shareholder value before agreeing to enter into the transaction, and whether WPG is underpaying for Glimcher shares.
If you currently own common stock of Glimcher and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.