Shareholder Update: Investigation of Management Buyout of AMREP Corp. by Tripp Levy PLLC
September 10 2010 - 12:01PM
Business Wire
Tripp Levy PLLC, a leading national securities law firm,
announces an investigation into the proposed acquisition of AMREP
Corp. (NYSE: AXR). On September 8, 2010, Nicholas Karabots, the
Vice Chairman of AMREP and owner of 60% of the outstanding shares
of AMREP, offered to acquire the remaining shares of AMREP that he
does not already own for $12 per share in cash.
In addition, Mr. Karabots announced that certain other
stockholders of AMREP could participate in the transaction with
him, and that he has no interest in selling his interest in AMREP
to anyone else.
The investigation concerns, among other things, whether the
consideration to be paid to AMREP shareholders is grossly unfair,
inadequate, and substantially below the fair or inherent value of
AMREP. Indeed, analysts have projected that AMREP’s true inherent
value is in excess of $15 per share. The investigation further
concerns whether the directors of AMREP may not be acting in AMREP
shareholders' best interests in connection with the sale process of
AMREP.
If you own AMREP common stock and you wish to discuss this
matter with us, or have any questions concerning your rights and
interests with regard to this matter, please contact:
Tripp Levy Tripp Levy PLLC 125 East 82nd Street 9th Floor New York,
New York Toll Free: 877-772-3975
Email:
contact@tripplevy.com
Tripp Levy PLLC is a national law firm that specializes in
mergers & acquisitions, takeover litigation, shareholder
rights, and corporate governance matters in state and federal
courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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