mail@shareholdersfoundation.com
An investigation on behalf of current investors Genesis Lease Limited (ADR) (Public, NYSE:GLS), who purchased the shares before September 18, 2009, over potential breaches of fiduciary duty and other violations of state law in connection with an alleged unfair takeover price were announced.
If you are currently an investor in shares of GENESIS LEASE LIMITE (NYSE: GLS), and purchased the shares before September 18, 2009, and / or have additional information relating to the investigation, you should contact the Shareholders Foundation, Inc. at:
Email: mail@shareholdersfoundation.com
or at: +1 (858) 779 - 1554
The investigation by a law firm focus on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of Genesis Lease Limited (ADR) (Public, NYSE:GLS) arising out of their attempt to sell GENESIS LEASE LIMITE (NYSE: GLS) to AerCap Holdings N.V. (NYSE: AER). On September 18, 2009 Genesis Lease Limited (NYSE: GLS) and AerCap Holdings N.V. announced that their Boards of Directors have approved a definitive agreement under which AerCap Holdings N.V. and Genesis Lease Limited will merge in an all share-for-share transaction. Under the terms of the amalgamation agreement, Genesis shareholders will receive one AerCap Holdings N.V. ordinary share for every Genesis common share they own.
According to Genesis Lease Limited the transaction has a value of $1.75 billion and, based on the closing stock price for AerCap Holdings N.V. ordinary shares on Thursday, September 17, 2009, the share-for-share consideration has a value of $8.81 per Genesis ADS, and the one-for-one exchange ratio represents an average premium to Genesis shareholders of 45% based on the daily closing prices of Genesis ADS and AerCap ordinary shares during the 30 day trading period from July 31, 2009 to September 11, 2009.
But according to an investigation by a law firm “the transaction appears to be unfair” to current investors of GENESIS LEASE LIMITE (NYSE: GLS) because the “offer to purchase Genesis Lease Limited (GLS) appears opportunistically timed to take advantage of the current economic downturn” and ‘the deal will give AerCap Holdings N.V. access to $200 million of unrestricted cash from Genesis over the next two years”. The investigation “concerns whether the Genesis Lease Limited Board of Directors breach their fiduciary duties to Genesis Lease Limited (GLS) shareholders by agreeing to sell the GLS at an unfair price thereby harming Genesis Lease Limited (GLS) investors”, “whether the directors of GLS may have breached their fiduciary duties by not acting in GLS shareholders' best interests”, and “the Company may not have adequately shopped itself around before entering into this transaction and, pursuant to this proposed transaction, AerCap Holdings N.V. may be underpaying for Genesis Lease Limited, thus unlawfully harming GLS shareholders”
Genesis Lease Limited is an aviation company that acquires and leases commercial jet aircraft and other aviation assets. The Company's aircraft are leased under long-term contracts to airlines throughout the world. Genesis Lease was formed at the direction of GE Commercial Aviation Services Limited (GECAS) to acquire initial portfolio from affiliates of GE and to develop an independent aircraft leasing business. Genesis Lease Limited shares traded at $8.83 per share on the day of the announcement, and at $8.50 per share the day before the announcement. GLS were down from its 52weekHigh of $9.32 per share. GLS shares traded at $13.65 per share in August 08, over $20 per share in the beginning of 08, and at close to $30 per share in 2007.
(Public, NYSE:GLS
Those who currently are investors in shares of Genesis Lease Limited (ADR) (Public, NYSE:GLS), and purchased the shares before September 18, 2009, and / or have additional information relating to the investigation, should contact the Shareholders Foundation, Inc. at:
Email: mail@shareholdersfoundation.com
or at: +1 (858) 779 – 1554
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-
Fax:+1-(858)-
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
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