BUYOUT OF STERLING - LAW FIRM SEEKS HIGHER PRICE FOR SHAREHOLDERS
NEW YORK, NEW YORK - Tripp Levy PLLC, a leading national securities and shareholder rights law firm, has commenced an investigation into possible breaches of fiduciary duty by the Board of Directors of Sterling Financial Corp. ("Sterling" or the "Company") (STSA) concerning the proposed acquisition of the Company by Umpqua Holdings Corp. ("Umpqua") (UMPQ) in a cash and stock transaction.
Under the terms of the proposed transaction, Sterling shareholders will receive 1.671 shares of Umpqua common stock and $2.18 in cash for each share of Sterling common stock. The total value of the merger consideration, based on the closing price of Umpqua shares on September 11, 2013, is $30.52 per share, representing a premium of less than fifteen percent. Sterling president and CEO Greg Seibly has secured a role at Umpqua as co-President, and other top level executives are expected to remain with the newly combined entity as well.
In addition, the primary shareholders of Sterling, Thomas H. Lee Partners and Warburg Pincus, each of which controls 20.8% of the Company's shares, have each leveraged their stakes and supported the transaction in exchange for the ability to each designate a member of the board of directors of the newly formed company.
If you are a Sterling shareholder and have questions about your legal rights, or if you have information relevant to this matter, please contact us toll free at 1-877-772-3975 or email at contact @ tripplevy
just learned from law firm that management put in a $75 million penalty fee...so that if another company wants to make a higher offer they first have to pay this...this seems unfair...why would management try to prevent us from getting a higher offer unless there was something in it for them? law firm also sent me the slides and other materials...here is number in case anyone else wants to contact them 1-877-772-3975
Don't start spending all the money you think you're going to gain from hitching your wagon to any of these bottom-feeder law firms...check on any mergers recently and you'll see this is par for the course. These clowns are simply making noise, asking for money and, if given it, will go away and start looking for their next target. Make no mistake - they will not be sharing the settlement with you.