NEW YORK, Feb. 20, 2020 /PRNewswire/ -- WeissLaw
LLP is investigating possible breaches of fiduciary duty and
other violations of law by the Board of Directors of Front Yard
Residential Corporation ("Front Yard" or the "Company") (NYSE:
RESI) in connection with the proposed merger of the Company with
Amherst Residential, LLC, a subsidiary of Amherst Holdings, LLC
("Amherst Holdings"). Under the terms of the merger
agreement, RESI shareholders will receive $12.50 per share in cash. The deal is
scheduled to close in the second quarter of 2020.
If you own RESI shares and wish to discuss
this investigation or have any questions concerning this notice or
your rights or interests, visit our website:
http://www.weisslawllp.com/front-yard-residential-corp/
Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
WeissLaw is investigating whether Front Yard's Board acted to
maximize shareholder value prior to entering into the merger
agreement. Notably, the offer price is nearly 6% less than
RESI's 52-week high of $13.28.
Additionally, the merger agreement has a "No Solicitation or
Negotiation" provision barring Front Yard from soliciting proposals
from other parties.
Finally, according to Amherst Holdings' CEO and Chairman,
the deal provides his company with "expanded scale, additional team
members in local markets and the collective experience of both
teams, [and] provides a powerful platform that is well positioned
to serve the broad constituency focused on affordable, safe,
attractive housing."
Given these facts, WeissLaw is concerned whether the proposed
merger agreement undervalues the Company, whether the Board ran a
fair process, and whether all material information related to the
proposed merger is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com
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SOURCE WeissLaw LLP