NEW YORK, July 7, 2017 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Parkway, Inc. ("PKY"
or the "Company") (NYSE: PKY) in connection with the proposed
acquisition of the Company by the Canada Pension Plan Investment
Board ("CPPIB"). Under the terms of the acquisition
agreement, the Company's shareholders will receive $19.05 in cash and a one-time special dividend of
$4.00, to be paid prior to closing,
for each PKY share they own, representing consideration of
$23.05 per share.
WeissLaw is investigating whether PKY's Board acted to maximize
shareholder value prior to entering into the
agreement. Notably, at least one analyst set a target price of
$24.50, or $1.45 above the per-share consideration.
Additionally, shares of PKY traded above the per-share
consideration for $23.17 as recently
as February of this year. Further, according to the Managing
Director and Head of US Real Estate of CPPIB, PKY, which owns the
largest office portfolio in Houston, "fits well with CPPIB's long-term
real estate strategy to hold stable, high-quality assets in large
U.S. markets."
Given these facts, WeissLaw is investigating whether PKY's Board
acted in the best interests of public shareholders to maximize
shareholder value prior to entering into the agreement. If
you own PKY shares and would like more information about your
rights or our investigation, or if you have information to share
with us, please contact Mark
Smilow by telephone at (888) 593-4771 or by
email at stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website, http://www.weisslawllp.com/parkway-inc/.
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SOURCE WeissLaw LLP
