In a press release published Monday, PAG announced its intention to "vigorously defend" the suit, which alleges breach of fiduciary duty against the REIT's directors in approving the recently announced merger with FountainGlen Properties LLC, an affiliate of Prudential Real Estate Investors.
The release goes on to state that the plaintiff, represented by the law firm of Milberg Weiss Bershad Hynes & Lerach, believes that the merger's $143 million in consideration for the acquisition of it's senior housing assets and corporate headquarters building is inadequate.
"The board of directors continues to believe that the proposed merger with FountainGlen Properties LLC is in the best interests of Pacific Gulf and its shareholders," the release says.
Officials from Pacific Gulf were unavailable for comment Monday, as were attorneys from New York-based Milberg Weiss, a nationally recognized firm known for its focus on class-action litigation in Federal and state courts on behalf of investors, consumers, small business owners and the public. The firm previously litigated the Lincoln Savings & Loan case, the Exxon Valdez oil spill, and the Joe Camel case.
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