NEW YORK, Feb. 7, 2017 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of BNC Bancorp ("BNCN"
or the "Company") in connection with the proposed merger of the
Company with Pinnacle Financial Partners, Inc. ("Pinnacle").
Under the terms of the agreement, BNCN shareholders will
receive 0.5235 of a share of Pinnacle for each share they own,
representing consideration of $37.50
based on Pinnacle's 20-day trailing average price as of
January 20, 2017.
WeissLaw is investigating whether BNCN's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of
$40.00 per share, or $2.50 above the consideration. Additionally
the Company recently announced record financial results, reporting
double digit percentage growth of 40.2% and 14.1% in annual
operating earnings and tangible book value respectively. BNCN
also announced a 13% increase in transactional deposits and a 13.4%
increase in total shareholder's equity in the quarter ended
December 31, 2016. Finally, the
acquisition is a strategic transaction that will expand Pinnacle
from the four urban markets in which it currently operates to
include BNCN's seven markets, increasing Pinnacle's presence in
three states.
Given these facts, WeissLaw is investigating the Board of
Directors' decision to sell BNCN and whether BNCN shareholders will
obtain their fair and proportionate share of the Company's
continued success and future growth prospects. If you own
BNCN shares and would like more information about your rights or
our investigation, or if you have information to share with us,
please contact Joshua Rubin by
telephone at (888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website, http://www.weisslawllp.com/bnc-bancorp/
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SOURCE WeissLaw LLP