An investigation on behalf of investors of First California Financial Group, Inc. (NASDAQ:FCAL) in connection with the proposed takeover was announced and NASDAQ:FCAL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/13/2012 -- An investigation on behalf of investors in First California Financial Group, Inc. (NASDAQ:FCAL) shares was announced concerning whether the offer by PacWest Bancorp to acquire First California Financial Group, Inc. for $8.00 per First NASDAQ:FCAL share and the takeover process are unfair to investors in NASDAQ:FCAL shares.
Investors who purchased shares of First California Financial Group, Inc. (NASDAQ:FCAL) prior to November 6, 2012, and currently hold any of those NASDAQ:FCAL shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of First California Financial Group, Inc. breached their fiduciary duties owed NASDAQ:FCAL investors in connection with the proposed acquisition.
On November 6, 2012, PacWest Bancorp (NASDAQ: PACW) and First California Financial Group, Inc. (NASDAQ: FCAL) announced the signing of an agreement and plan of merger whereby PacWest Bancorp will acquire First California Financial Group, Inc. for $8.00 per First California Financial Group, Inc. common share, or approximately $231 million in aggregate consideration, payable in PacWest common stock.
However, given that certain stockholders of First California Financial Group, Inc., including all current directors and certain other stockholders, owning or controlling approximately 22% in the aggregate of the currently outstanding shares of First California Financial Group, Inc., have already agreed to vote in favor of the transaction, the investigation focuses on whether the First California Financial Group Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in First California Financial Group, Inc. (NASDAQ:FCAL), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com