An investigation on behalf of investors of Stonegate Bank (NASDAQ:SGBK) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 04/07/2017 -- An investigation was announced for investors, who currently hold shares of Stonegate Bank (NASDAQ:SGBK), concerning the takeover of Stonegate Bank by Home BancShares, Inc.
Investors who purchased shares of Stonegate Bank (NASDAQ:SGBK) and currently hold any of those NASDAQ:SGBK shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain directors of Stonegate Bank breached their fiduciary duties owed to NASDAQ:SGBK investors in connection with the proposed acquisition.
On March 27, 2017, Stonegate Bank (NASDAQ:SGBK) entered into an Agreement and Plan of Merger with Home BancShares, Inc. and its wholly-owned bank subsidiary, Centennial Bank, under which Home BancShares, Inc and Centennial Bank, will acquire Stonegate Bank (NASDAQ:SGBK).
Under the terms of the Agreement, shareholders of Stonegate Bank (NASDAQ:SGBK) will receive, in the aggregate, proceeds from the transaction of approximately $749.8 million, consisting of $50.0 million in cash and $699.8 million of Home BancShares, Inc common stock. In addition, the holders of outstanding stock options of Stonegate Bank (NASDAQ:SGBK) will receive approximately $28.6 million in cash in connection with the cancellation of their options immediately before the Merger, for a total transaction value of approximately $778.4 million.
However, given that at least one analyst has set the high target price for NASDAQ:SGBK shares at $53.75 per share, the investigation concerns whether the offer is unfair to Stonegate Bank (NASDAQ:SGBK stockholders. More specifically, the investigation concerns whether the Stonegate Bank (NASDAQ:SGBK 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.
On April 6, 2017, NASDAQ:SGBK shares closed at $46.76 per share
Those who are current investors in Stonegate Bank shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com