PMC Settles Shareholder Suit Over $2.4B REIT Merger

By Jeremy Heallen (January 29, 2014, 6:42 PM EST) -- PMC Commercial Trust and CIM Urban REIT LLC have struck a deal to end derivative litigation filed by PMC shareholders in Texas who said a proposed $2.4 billion merger of the real estate investment trusts devalued their stock, the companies said Wednesday.

Under the terms of proposed settlement with major PMC shareholder Hoak & Co., CIM has agreed to purchase up to 2.75 million shares of its outstanding stock at a market price of $5 per share in exchange for its support of the planned merger. A separate deal with REIT Redux LP calls for CIM to purchase up to 500,000...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!