Rigrodsky & Long, P.A. Investigates AMREP Corporation Going Private Offer
September 09 2010 - 6:38PM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of AMREP
Corporation (“AMREP” or the “Company”) (NYSE:AXR) concerning the
Company’s receipt of a proposal from Nicholas G. Karabots, the
Company’s Vice Chairman of the Board, for a going private
transaction (the “Proposal”). Click here to learn how to join the
action: http://www.rigrodskylong.com/news/AMREPCorporation-AXR.
The investigation concerns whether AMREP’s board of directors is
adequately shopping the Company and working to obtain the best
price possible for AMREP’s shareholders. The Proposal contemplates
the acquisition of all of the outstanding shares of common stock of
AMREP not currently owned by Mr. Karabots for $12.00 per share in
cash. Mr. Karabots already owns approximately 60% of the Company’s
outstanding shares. In addition, the Proposal indicates that
certain other stockholders of AMREP could participate in the
transaction with Mr. Karabots. Moreover, Mr. Karabots has indicated
that he is not interested in selling his interest in AMREP to
anyone else.
If you own the common stock of AMREP and purchased your shares
before September 8, 2010, if you have information or would like to
learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or
by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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