BUYOUT OF PREMIERWEST - LAW FIRM SEEKS MORE MONEY FOR SHAREHOLDERS
November 1, 2012
New York, New York -- Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating the acquisition of Premierwest Bancorp. AmericanWest Bank and PremierWest Bank today announced the execution of a definitive agreement whereby PremierWest Bank plans to merge with, and become a part of, AmericanWest Bank. Under the terms of the definitive agreement, PremierWest Bancorp shareholders will receive cash consideration of $1.65 per common share upon the closing of the transaction, or approximately $16.6 million in the aggregate.
The investigation concerns whether the board of directors of Premierwest breached their fiduciary duties by entering into this transaction at this price while obtaining personal benefits for themselves to enter into this merger. Indeed, the book value alone of the company is $8.08 per share.
If you are a shareholder of Premierwest and would like additional information concerning this matter, please contact us toll free at 877-772-3975 or email at contact @ tripplevy
This looks like a plot to get money for some attorneys. Investors in PRWT should feel lucky that they are getting anything other than toilet paper (their stock certificates) out of this deal. Which is what they would get from a government shutdown.