Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of AV Homes, Inc. (NASDAQGS: AVHI) to Taylor Morrison Home Corporation (NYSE: TMHC). Under the terms of the transaction, AV Homes shareholders may elect to receive: (i) $21.50 per share in cash; (2) 0.9793 shares of Taylor Morrison Class A stock; or (3) a combination of $12.64 in cash and 0.4034 shares of Taylor Morrison Class A stock. TPG Capital, which holds 40% of AV Homes common stock, has already agreed to tender its shares.
The investigation concerns whether the Board of AV Homes breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Taylor Morrison is underpaying for AV Homes shares, thus unlawfully harming AV Homes shareholders.
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