SAN DIEGO and CHARLOTTE,
N.C., Oct. 19, 2015
/PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP
are investigating the proposed acquisition of Campus Crest
Communities, Inc. (NYSE: CCG) by Harrison Street Real Estate
Capital LLC (Private). On October 17,
2015, the two companies announced the signing of a
definitive merger agreement pursuant to which Harrison Street will acquire Campus
Crest. Under the terms of the agreement, Campus Crest
shareholders will receive $7.03 for
each share of Campus Crest common stock, consisting of $6.90 in cash and a contingent consideration of
$0.13, which is the net sale proceeds
currently estimated from the separate sale of the Campus Crest's
ownership interest in its evo Montreal joint venture.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/campus-crest-communities-inc
Is the Proposed Acquisition Best for Campus Crest and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Campus Crest is undertaking a fair process to
obtain maximum value and adequately compensate its
shareholders.
The $7.03 merger consideration is
significantly below the target price of $8.00 set by an analyst at Wunderlich Securities
on September 29, 2015. In the
last three years, Campus Crest traded as high as $14.36 on April 9,
2013, and most recently traded above the merger
consideration – at $7.06 – on
April 8, 2015.
On September 29, 2015, Campus
Crest reported strong earnings results for its second quarter
2015. Total revenues for the quarter were $45.7 million, an increase of 83% compared to the
second quarter of 2014. In commenting on these results, Campus
Crest Interim Chief Executive Officer David
Coles remarked, "We have successfully concluded the
pre-leasing for the 2015/2016 academic year with the total
portfolio ending up 320 basis points over the 2014/2015 leasing
results. The portfolio effective rental rates increased over 200
basis points."
In light of these facts, Robbins Arroyo LLP is examining Campus
Crest's board of directors' decision to sell the company now rather
than allow shareholders to continue to participate in the company's
continued success and future growth prospects.
Campus Crest shareholders have the option to file a class action
lawsuit to ensure the board of directors obtains the best possible
price for shareholders and the disclosure of material
information. Campus Crest shareholders interested in
information about their rights and potential remedies can contact
attorney Darnell R. Donahue at (800)
350-6003, ddonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion
of value for themselves and the companies in which they have
invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP