An investigation for investors , who currently hold shares of Stonegate Mortgage Corp (NYSE:SGM), was announced concerning whether the acquisition of Stonegate Mortgage Corp. for $8.00 per share is unfair to NYSE:SGM stockholders.
Investors who purchased shares of Stonegate Mortgage Corp (NYSE:SGM) and currently hold any of those NYSE:SGM shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain Stonegate Mortgage directors breached their fiduciary duties owed to NYSE:SGM investors in connection with the proposed acquisition.
On January 27, 2017, Home Point Financial Corporation and Stonegate Mortgage Corp (NYSE:SGM) announced that they have entered into an agreement for Home Point to acquire Stonegate Mortgage in an all-cash transaction valued at approximately $211 million. On a pro forma basis, the acquisition would position Home Point as a top-25 mortgage originator and servicer. Under the terms of the agreement, Stonegate Mortgage’s stockholders will receive $8.00 per share.
However, given that certain stockholders, directors and executive officers of Stonegate Mortgage with the power to vote approximately 36 percent of Stonegate Mortgage’s outstanding common stock have already entered into voting and support agreements with Home Point to vote in favor of, and otherwise support, the transaction, the investigation concerns whether the offer is unfair to NYSE:SGM stockholders. More specifically, the investigation concerns whether the Stonegate Mortgage 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.
Stonegate Mortgage Corp reported that its annual Total Revenue rose from $158.04 million in 2014 to $182.74 million in 2015 and that its Net Loss declined from $30.68 million in 2014 to $22.27 million.
Shares of Stonegate Mortgage Corp (NYSE:SGM) traded in 2013 as high as $18.42 per share.
On February 17, 2017, NYSE:SGM shares closed at $7.87 per share.
Those who are current investors in NYSE:SGM shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego