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Levi & Korsinsky is investigating the Board of Directors of American Farmland Company (NYSE: AFCO) (“AFCO” or “the Company”) in connection with the sale of the Company to Farmland Partners Inc. (NYSE: FPI). Under the terms of the transaction, AFCO shareholders will receive 0.7417 shares of Farmland Partners for each share of AFCO stock they own; 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 share.
The investigation concerns whether the Board of AFCO breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Farmland Partners is underpaying for AFCO shares.
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