Shareholders Foundation, Inc.

Stellarone Corp (NASDAQ:STEL) Investor Alert: Investigation of Buyout Offer

An investigation on behalf of investors of Stellarone Corp (NASDAQ:STEL) in connection with the proposed takeover was announced and NASDAQ:STEL stockholders should contact the Shareholders Foundation.

 

San Diego, CA -- (SBWIRE) -- 06/18/2013 -- An investigation on behalf of investors in Stellarone Corp (NASDAQ:STEL) shares was announced concerning whether the offer by Union First Market Bankshares Corporation to acquire Stellarone Corp. for a value of approximately $19.50 per NASDAQ:STEL share and the takeover process are unfair to investors in Stellarone shares.

Investors who purchased shares of Stellarone Corp (NASDAQ:STEL) prior to June 12, 2013, and currently hold any of those NASDAQ:STEL shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain officers and directors of Stellarone Corp breached their fiduciary duties owed to NASDAQ:STEL investors in connection with the proposed acquisition.

On June 10, 2013, Union First Market Bankshares Corporation (Nasdaq:UBSH) and StellarOne Corporation (Nasdaq:STEL) announced the signing of a merger agreement, pursuant to which Union First Market Bankshares Corporation will acquire StellarOne Corporation.
Under the terms of the agreement, common shareholders of StellarOne will receive 0.9739 shares of Union First Market Bankshares Corporation common stock for each share of StellarOne. This implies a deal value per share of $19.50 or approximately $445.1 million in the aggregate based on Union First Market Bankshares Corporation's closing stock price of $20.02 on June 7, 2013.

However, the investigation by a law firm concerns whether the offer is too low for NASDAQ:STEL stockholders. More specifically, the investigation focuses on whether the Stellarone 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.

Stellarone Corp reported that its Net Loss of $8.53 million in 2009 turned into a Net Income of $22.16 million in 2012.

On June 17, 2013, NASDAQ:STEL shares closed at $19.27 per share.

Those who are current investors in Stellarone Corp (NASDAQ:STEL), have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com