Ademi LLP is investigating Whitestone (NYSE: WSR) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Ares.
In the transaction, Whitestone stockholders will receive $19.00 per share in an all-cash transaction valued at approximately $1.7 billion. Whitestone insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Whitestone by imposing a significant penalty if Whitestone accepts a competing bid. We are investigating the conduct of the Whitestone board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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