Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Owens Realty Mortgage, Inc. (NYSE American: ORM) to Ready Capital Corporation (NYSE: RC). Under the terms of the transaction, Owens Realty shareholders will receive 1.441 Ready Capital shares for each share of Owens Realty stock they own, based on a fixed exchange ratio subject to adjustments if the Company’s book value per share declines by more than three percent. Based on the closing price of Ready Capital stock on November 7, 2018, this represents a value of approximately $21.53 per share.
The Owens Realty merger investigation concerns whether the Board of Owens Realty breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Ready Capital is underpaying for Owens Realty shares, thus unlawfully harming Owens Realty shareholders.
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