Ademi LLP is investigating AIR Communities (NYSE: AIRC) for possible breaches of fiduciary duty and other violations of law in its transaction with Blackstone.
In the transaction, AIR Communities stockholders will own only $39.12 per share in an all-cash transaction valued at approximately $10 billion, including the assumption of debt. The transaction agreement unreasonably limits competing transactions for AIR Communities by imposing a significant penalty if AIR Communities accepts a competing bid. AIR Communities insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of AIR Communities’ board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.