CoreSite Realty Corporation

Practice Area: 
Stock Symbol: 
Case Status: 

Ademi LLP is investigating CoreSite (NYSE: COR), for possible breaches of fiduciary duty and other violations of law in its going private transaction with American Tower.

Ademi LLP alleges CoreSite’s financial outlook and prospects are excellent and yet CoreSite shareholders will receive only $170.00 per share in cash. The total consideration for the transaction, including the assumption and/or repayment of CoreSite’s existing debt at closing, is approximately $10.1 billion. The merger agreement unreasonably limits competing bids for CoreSite by prohibiting solicitation of further bids, and imposing a significant penalty if CoreSite accepts a superior bid. CoreSite insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of CoreSite’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for CoreSite.