BancTrust Financial Group Alert: The Securities Attorneys at The Briscoe Law Firm & Powers Taylor, LLP Announce Investigation...
29 Mayo 2012 - 3:20PM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the sale of BancTrust Financial Group, Inc.
(“BancTrust” or “BTFG”) (NASDAQ: BTFG) to Trustmark Corporation for
shareholders. Under the proposed acquisition agreement, BancTrust
shareholders will receive only 0.125 shares of Trustmark common
stock for each share of BancTrust common stock owned, which is
valued at approximately $3.08 per share, which is well below at
least one analyst’s estimated target price of $6.00 per share.
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at
Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive merger agreement is valued at approximately $55.4
million.
The investigation centers on whether BancTrust shareholders are
receiving adequate compensation for their shares in the buyout,
whether the transaction undervalues BancTrust stock, and whether
BancTrust’s board attempted to obtain the highest share price for
all shareholders prior to agreeing to the deal. Although the
acquisition price represents a premium over the closing price of
BancTrust shares the day prior to the buyout announcement, at least
one analyst with Yahoo! Finance has estimated that the true
inherent value of the stock is as high as $6.00 per share, well
above the proposed price. According to shareholder rights attorney
Willie Briscoe, “Because of the lack of a significant premium to
the shareholders, and other factors, we believe that the
transaction may undervalue BancTrust stock. Our lawsuit will seek
to obtain the highest share price for all shareholders.”
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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