Ademi LLP is investigating PS Business Parks (NYSE: PSB) for possible breaches of fiduciary duty and other violations of law in its transaction with Ergon.
Ademi LLP alleges PS Business Parks’ financial outlook and prospects are excellent and yet PS Business Parks holders will receive only $187.50 per share. The transaction agreement unreasonably limits competing bids for PS Business Parks by prohibiting solicitation of further bids, and imposing a significant penalty if PS Business Parks accepts a superior bid. PS Business Parks insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of PS Business Parks’ board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for PS Business Parks.