American Farmland Co (NYSEMKT:AFCO ) Investor Investigation Over Possible Breaches Of Fiduciary Duties In Takeover Announced

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Company Name(s): 
American Farmland
Affected Securities: 

September 19, 2016 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of American Farmland Co (NYSEMKT:AFCO), was announced concerning whether the takeover of American Farmland Co. by Farmland Partners Inc for a value of approximately $8.23 per share is unfair to NYSEMKT:AFCO stockholders.

The investigation by a law firm concerns whether certain officers and directors of American Farmland Co breached their fiduciary duties owed to NYSEMKT:AFCO investors in connection with the proposed acquisition.

On September 12, 2016, Farmland Partners Inc. (NYSE: FPI) and American Farmland Co (NYSEMKT:AFCO) jointly announced that they have entered into an agreement pursuant to which Farmland Partners Inc has agreed to acquire all of the outstanding common stock of American Farmland Co (NYSEMKT:AFCO) in a stock-for-stock transaction. Under the terms of the Agreement, each share of American Farmland Co (NYSEMKT:AFCO) common stock and each American Farmland Co (NYSEMKT:AFCO) operating partnership unit will be converted into the right to receive 0.7417 shares (or units) of newly issued Farmland Partners Inc common stock (or units). Based on the closing price of Farmland Partners Inc. stock on the day prior to the merger announcement, this represents a value of $8.23 per American Farmland Co (NYSEMKT:AFCO) share.

However, given that at least one analyst has set the high target price for NYSEMKT:AFCO shares at $9.00 per share, the investigation concerns whether the offer is unfair to NYSEMKT:AFCO stockholders. More specifically, the investigation concerns whether the American Farmland Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Shares of American Farmland Co (NYSEMKT:AFCO) closed on September 19, 2016 at $7.53 per share.