The Shareholders Foundation announces that an investigation on behalf of investors, who currently hold shares of ZipRealty, Inc. (NASDAQ:ZIPR), was launched concerning whether the takeover of ZipRealty, Inc. by Realogy Holdings Corp for $6.75 per share is unfair to NASDAQ:ZIPR stockholders.
Investors who purchased shares of ZipRealty, Inc. (NASDAQ:ZIPR) and currently hold any of those NASDAQ:ZIPR shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain officers and directors of ZipRealty, Inc. breached their fiduciary duties owed to NASDAQ:ZIPR investors in connection with the proposed acquisition.
On July 15, 2014 Realogy Holdings Corp. (NYSE: RLGY) and ZipRealty, Inc. (NASDAQ: ZIPR) announced that Realogy Holdings Corp has entered into an agreement to acquire ZipRealty for $6.75 per share in an all-cash transaction valued at approximately $166 million.
However, given that at least one analyst has set the target price for NASDAQ:ZIPR shares at $8.00 per share and that NASDAQ:ZIPR shares traded ion the open market as high as $6.56 per share on Janaury 17, 2014, the investigation concerns whether the offer is unfair to NASDAQ:ZIPR stockholders. More specifically, the investigation concerns whether the ZipRealty Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders’ best interests in connection with the proposed sale.
ZipRealty, Inc. reported that its annual Total Revenue rose from $73.82 million in 2012 to $75.85 million in 2013 and that its respective Net Loss declined from $9.68 million to $5.44 million. Shares of ZipRealty, Inc. (NASDAQ:ZIPR) grew from $1.05 per share in December 2011 to as high as $6.56 per share in January 2014.
On August 4, 2014, NASDAQ:ZIPR shares closed at $6.73 per share.
Those who are current investors in ZipRealty, Inc. (NASDAQ:ZIPR) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com