SAN DIEGO, Oct. 8, 2015 /PRNewswire/ -- Shareholder rights
attorneys at Robbins Arroyo LLP are investigating the proposed
acquisition of BioMed Realty Trust Inc. (NYSE: BMR) by The
Blackstone Group L.P. (NYSE: BX). On October 8, 2015, the two companies announced the
signing of a definitive merger agreement pursuant to which The
Blackstone Group will acquire BioMed. Under the terms of the
agreement, BioMed shareholders will receive $23.75 in cash for each share of BioMed common
stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/biomed-realty-trust-inc
Is the Proposed Acquisition Best for BioMed and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at BioMed is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders.
The $23.75 merger consideration is
below the target price of $24.00 set
by three separate analysts - Cowen on May
14, 2015, Robert Baird on
May 12, 2015, and Morgan Stanley on
February 5, 2015. In the last
three years, BioMed traded as high as $25.11 on January 27,
2015, and most recently traded above the merger
consideration – at $24.17 – on
February 5, 2015.
On July 28, 2015, BioMed reported
strong earnings results for its second quarter 2015. Net
income for the quarter was $37.6
million, an increase of 97% compared to the second quarter
of 2015. Additionally, BioMed has beat consensus analyst
estimates for adjusted net income and adjusted EPS in three of the
last four quarters. In commenting on these results, BioMed Chief
Financial Officer Greg Lubushkin
remarked, "The combination of extraordinary leasing success and
value creation from strategic investments throughout the past few
quarters generated strong top and bottom line results for the
second quarter and first half of 2015. Equally important is that we
are successfully expanding the platform for our future growth by
reinvesting proceeds from strategic asset recycling and direct
investments in the robust life science industry into worldclass
laboratory and office facilities in the core centers of life
science innovation, in particular Boston/Cambridge, the San
Francisco Bay Area and San
Diego. These growth opportunities are, and will continue to
be, funded by a sound, proactively managed capital structure, which
was further validated during the quarter with the upgrade to our
investment grade corporate credit rating from Moody's."
In light of these facts, Robbins Arroyo LLP is examining
BioMed's board of directors' decision to sell the company now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects.
BioMed shareholders have the option to file a class action
lawsuit to ensure the board of directors obtains the best possible
price for shareholders and the disclosure of material
information. BioMed shareholders interested in information
about their rights and potential remedies can contact attorney
Darnell R. Donahue at (800)
350-6003, ddonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP