They actually have a really good case. The company got bought out at 12.76x EBIT but the average in the industry recently is 23.85x and Book value is 1.54x but average is 2.74x. Thus, they got bought out several dollars below what they should have been. I am contacting the law firm and suggest you do as well.
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
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
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
i just got a copy of the merger agreement and management put in a penalty fee of $232 million! Basically, if another company wants to make a higher offer it has to pay this penalty fee first....i'm curious if management is just doing this to protect whatever sweetheart deal they negotiated for themselves