BUYOUT OF TOWER - LAW FIRM SEEKS HIGHER PRICE AND INFORMATION FOR SHAREHOLDERS
NEW YORK--(BUSINESS WIRE)--Tripp Levy PLLC, a leading national securities and shareholder rights law firm is investigating the Board of Directors of Tower Financial Corporation (“Tower” or the “Company”) (NasdaqGM: TOFC) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Old National Bancorp (“Old National”) (NasdaqGS: ONB).
Under the terms of the transaction, Tower shareholders will receive 1.20 shares of Old National common stock and $6.75 in cash for each share of Tower stock they own. The transaction has a total approximate value of $108 million. The investigation concerns whether the Tower Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Old National is underpaying for Tower shares.
If you own Tower common stock and wish to obtain additional information, please contact us at 1-877-772-3975 or email at contact @ tripplevy