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Gramercy Property shareholders file class-action lawsuit over Blackstone deal

Law firm Monteverde & Associates PC filed a lawsuit on behalf of certain Gramercy Property Trust shareholders concerning the diversified real estate investment trust's roughly $7.6 billion all-cash merger deal with private equity giant Blackstone Group LP.

The lawsuit, filed in the United States District Court for the Southern District of New York, questions the "fairness" of the $27.50-per-share cash consideration the stockholders are to receive as part of the deal. The complaint also alleges that the proxy statement concerning the proposed deal fails to disclose material information needed for the shareholders to evaluate the merger, leading to certain statements being incomplete and misleading.

The companies expect the merger to close in the second half of the year.