We are investigating the fairness of the proposed merger of Physicians Realty Trust (NYSE: DOC) (“DOC”) with Healthpeak Properties (“Healthpeak”) in an all-stock transaction valued at approximately $21 billion.
If you remain a DOC shareholder and have concerns about the fairness of the price, you may contact our firm to discuss your legal rights at no charge by completing and submitting the form below.
Why is there an investigation?
On October 30, 2023, DOC announced that it had agreed to merge with Healthpeak in an all-stock transaction valued at approximately $21 billion.
Under the terms of the merger agreement, DOC shareholders will receive 0.674 newly-issued Healthpeak common shares for each DOC common share they own. That exchange values each DOC share at approximately $11.07 per share.
According to TipRanks, the implied deal price of $11.07 per DOC share is below the average DOC price target for Wall Street analysts of $15.61 per share.
“We are investigating whether the DOC Board of Directors acted in the best interests of DOC shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to DOC shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, multiple DOC shareholders publishing to SeekingAlpha have expressed disappointment with the deal price, with an investor with the screenname Integrall commenting that this “deal needs to be soundly rejected by shareholders.” Other DOC shareholders on SeekingAlpha, including those with screennames shermer, Day TradeLong Term, and The Total Story, indicated that they planned to vote no on the deal.