We are investigating whether the directors of Cedar Realty Trust (NYSE: CDR) (“Cedar”) acted in the best interests of Cedar shareholders in approving the sale of Cedar and its assets in a series of related cash transactions expected to generate approximately $29.00 per share in cash.
If you remain a Cedar shareholder and have questions about your legal rights, please contact our firm via the form below to discuss your options at no charge.
Why is there an investigation?
On March 2, 2022, Cedar announced it has entered into agreements to sell itself and its assets in a series of related all-cash transactions:
(i) the sale of a portfolio of 33 grocery-anchored shopping centers to a joint venture between DRA Advisors LLC and KPR Centers for $840.0 million in cash;
(ii) the sale of the Revelry redevelopment project for $34.0 million in cash, and the anticipated sale of the Northeast Heights redevelopment project for $46.5 million in cash; and
(iii) the sale of Cedar and its remaining assets to Wheeler Real Estate Investment Trust, Inc. (Nasdaq: WHLR) (“Wheeler”) after completion of the above-described transactions, in an all-cash merger transaction that values the remaining assets at $291.3 million.
Upon completion of the transactions, Cedar will be wholly owned by Wheeler.
Our investigation concerns whether Cedar’s board acted in the best interests of Cedar shareholders in approving the transactions described above, including whether the sale prices adequately compensate Cedar shareholders, and whether all material information regarding the transactions has been fully disclosed.