Bull & Lifshitz, LLP announces an investigation into possible breaches of fiduciary duty in connection with the proposed merger of Cornell Companies Inc. (NYSE: CRN – News) (referred to as "Cornell" or the “Company”) and The GEO Group Inc. (NYSE: GEO - News) (referred to as “GEO”) in a transaction with an estimated enterprise value of $685 million based on the closing prices of both companies’ stocks on April 16, 2010, including the assumption of approximately $300 million in Cornell debt, excluding cash.

Under the terms of the agreement, which has been approved by the Boards of Directors of both companies, stockholders of Cornell will have the option to elect to receive either (x) 1.3 shares of GEO common stock for each share of Cornell common stock or (y) an amount of cash consideration equal to the greater of (i) the fair market value of one share of GEO common stock plus $6.00 or (ii) the fair market value of 1.3 shares of GEO common stock. In order to preserve the tax-deferred treatment of the transaction, no more than 20% of the outstanding shares of Cornell common stock may be exchanged for the cash consideration. If elections are made such that the aggregate cash consideration to be received by Cornell stockholders would exceed $100 million in the aggregate, such excess amount may be paid at the election of GEO in shares of GEO common stock or in cash.

Based on the closing stock price of each company’s common stock as of April 16, 2010, and assuming maximum cash election, the transaction implies a value of $24.96 per Cornell share.

Bull & Lifshitz, LLP's investigation is focused on whether the proposed deal provides adequate value to the Company’s shareholders.

If you are a holder of Mirant stock and want to discuss your legal rights, you may e-mail or call Bull & Lifshitz, LLP who will, without obligation or cost to you, attempt to answer your questions. Please contact Joshua M. Lifshitz, Esq. by telephone at (866) 313-6222 or by sending an e-mail including your contact information to: counsel@nyclasslaw.com. All e-mail correspondence should make reference to Cornell.

Bull & Lifshitz, LLP is a New York City-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please visit our website at www.nyclasslaw.com.

ATTORNEY ADVERTISING. © 2010 Bull & Lifshitz, LLP. The law firm responsible for this advertisement is Bull & Lifshitz, LLP, 18 East 41st Street, New York, New York 10017, (212) 213-6222. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Cornell (NYSE:CRN)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024 Click aqui para mais gráficos Cornell.
Cornell (NYSE:CRN)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024 Click aqui para mais gráficos Cornell.