We are investigating whether the directors of INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS”) acted in the best interests of INDUS shareholders in approving the sale of INDUS to Centerbridge Partners and GIC Real Estate (“GIC”) for $67.00 per share in cash.
If you remain an INDUS shareholder and have questions about your legal rights, you may contact our firm to discuss your options at no charge by completing and submitting the form below.
Why is there an investigation?
On February 22, 2023, INDUS announced that it had agreed to be acquired by Centerbridge Partners and GIC for $67.00 per share in cash. The agreement has been approved by the INDUS board of directors (“Board”).
“We are investigating whether the INDUS Board acted in the best interests of INDUS shareholders in approving the sale,” explained Joshua Fruchter, one of the law firm’s name partners. “This includes whether the acquisition price adequately compensates INDUS shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, the $67.00 per share deal price is well below the 52-week high for INDUS of $78.91 per share.
Further, according to an analysis of Wall Street price targets for INDUS in the last 90 days published on Seeking Alpha, there is a high price target for INDUS of $74.00 per share, which indicates at least one Wall Street analyst thinks the deal price is too low.
Finally, an article on SeekingAlpha dated December 7, 2022, written by a former analyst who publishes under the username Weighing Machine, opined that a price of $70.00-$75.00, with an implied cap rate of 5-5.3%, would be more reasonable in the current market environment. At the time of the article, Centerbridge Partners and GIC had made an opening bid of $65.00 per share in cash, which the author characterized as “low-ball.” Click here to read the article.