PMC Settles Shareholder Suit Over $2.4B REIT Merger

Law360, Houston (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....
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