MONSEY, N.Y., March 03, 2022 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating whether the directors of Cedar Realty Trust (: 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, you may contact our firm at the following link to discuss your options at no charge:
https://wohlfruchter.com/cases/cedar-realty-trust/
Alternatively, you may contact us by phone at 866-833-6245, or via email at [email protected].
Why is there an investigation?
On March 2, 2022, Cedar announced it had entered into agreements to sell itself and its assets in a series of related all-cash transactions:
(1) 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;
(2) 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
(3) the sale of Cedar and its remaining assets to Wheeler Real Estate Investment Trust, Inc. ( 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.
About Wohl & Fruchter
Wohl & Fruchter LLP, with offices in New York City and Monsey, has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
[email protected]
www.wohlfruchter.com
