WEISSLAW LLP: Parkway, Inc. Acquisition May Not Be in the Best Interests of PKY Shareholders

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 [email protected]. 

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 [email protected] or fill out the form on our website, http://www.weisslawllp.com/parkway-inc/.

SOURCE WeissLaw LLP

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