MERGER OF HOME - LAW FIRM SEEKS MORE INFORMATION AND CONSIDERATION
September 24, 2013
New York, New York
Tripp Levy PLLC, a leading national securities and shareholder rights law firm is investigating the merger of Home Federal Bancorp. anner Corporation (BANR), the holding company for Banner Bank and Islanders Bank, and Home Federal Bancorp (HOME), the holding company for Home Federal Bank, announced the signing of a definitive merger agreement pursuant to which Banner will acquire Home. The combined company will have approximately $5.2B in assets and will be the fourth largest Pacific Northwest headquartered bank as ranked by assets. It also will have a top 10 deposit market share position in Washington, Idaho and Oregon with an established platform for growth and continued operational improvement throughout the Pacific Northwest. The boards of Banner and Home unanimously approved the transaction, which is subject to regulatory approval, approval by the stockholders of Home, and other customary conditions of closing. The transaction provides for the payment to Home stockholders and option holders of $87.6M in cash and to Home stockholders 2,904,000 shares of Banner common stock, subject to price collars. Based on the closing price of $37.66 for Banner shares on September 24, the transaction would have an aggregate value of $197M. As of June 30, Home Federal Bancorp had tangible common equity of $168.1M. Banner expects the transaction to be immediately accretive to earnings per share, excluding one-time transaction expenses. Upon closing of the transaction, which is anticipated to take place in the first quarter of 2014, Home will be merged into Banner and Home Federal Bank will be merged into Banner Bank.
If you are a shareholder of HOME and would like further information regarding how this merger affects your rights as a shareholder, at no cost, please contact us toll free at 1-877-772-3975 or email at contact @ tripplevy. Tripp Levy is a national law firm with extensive experience in merger and takeover matters.
I found nine law firms that issued press releases describing intention to investigate, and apparent hopes to sue. Wriing a message on a discussion board is not a press release.
The nine are (in no particular order):
The same law firms are filing lawsuits against McDermott (MDR) and Edwards Lifesciences (EW), and surely others. These lawsuits are all about the law firms themselves and nothing else. By accepting a weak buyout offer HOME management admitted that it is weak. It is so weak that BANR said the aquisition is immediately accretive. There is room for another buyer to outbid BANR.
It's always like this a lot of firms always investigate every mergers and they always get nothing.
But what is funny with this merger is how many time Vincent Wong and other firms issue the same news and how the price go low in last 2 week with big volume and how the short position decline in the same time. this isbig price manipulation with fake Volume and fake investigation by some short skezzed trader. I Buy a lot @ 12,10 and now make big $$$, target is 13,70$ thanks stupid short