NEW YORK, May 11, 2015 /PRNewswire/ -- Harwood Feffer
LLP (www.hfesq.com) is investigating potential claims against the
board of directors of Trade Street Residential, Inc. ("Trade Street
Residential" or the "Company") (NASDAQ: TSRE) concerning the
proposed acquisition of the Company by Independence Realty Trust,
Inc. (NYSE: IRT) in a transaction worth approximately $269
million.
Under the terms of the proposed transaction, Trade Street
Residential shareholders would receive $3.80 in cash and 0.4108 of newly issued IRT
common stock for each share of Company stock they hold. Based
on IRT's closing price on May 8,
2015, the total value of the offer is only $7.32 per Trade Street Residential share.
This offer price is significantly lower than the Company's
52-week trading high of $8.13 per
share less than six months ago and at least one analyst's price
target of $9.50 per share. IRT
has disclosed that 48.4% of the vote has been locked up by voting
agreements with two of the Company's largest
shareholders.
Our investigation concerns whether the Trade Street Residential
board of directors is fulfilling its fiduciary duties, maximizing
the value of the Company, disclosing all material benefits and
costs, and obtaining full and fair consideration for Company
stockholders.
If you own Trade Street Residential shares and wish to discuss
this matter with us, or have any questions concerning your rights
and interests with regard to this matter, please contact:
Peter W. Overs, Jr., Esq.
Robert I. Harwood, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212)935-7400
Email: povers@hfesq.com
Website: http://www.hfesq.com
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been
representing individual and institutional investors for many years,
serving as lead counsel in numerous cases in federal and state
courts. Please visit the Harwood Feffer LLP website
(http://www.hfesq.com) for more information about the firm.
Attorney Advertising. The law firm responsible for this
advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results
do not guarantee or predict a similar outcome with respect to any
future matter.
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SOURCE Harwood Feffer LLP