Robbins Arroyo LLP: Acquisition of HF Financial Corp. (HFFC) by Great Western Bancorp Inc. (GWB) May Not Be in Shareholders' ...
01 Diciembre 2015 - 1:44PM
Business Wire
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of HF Financial Corporation
(NASDAQ: HFFC) by Great Western Bancorp Inc. (NASDAQ: GWB). On
November 30, 2015, the two companies announced the signing of a
definitive merger agreement pursuant to which Great Western Bancorp
will acquire HF Financial. Under the terms of the agreement, HF
Financial shareholders can elect to receive either 0.06500 shares
of Great Western Bancorp common stock – which is currently valued
at $19.70 – or $19.50 in cash for each share of HF Financial common
stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/hf-financial-corporation
Is the Proposed Acquisition Best for HF Financial and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the Board
of Directors at HF Financial is undertaking a fair process to
obtain maximum value and adequately compensate its
shareholders.
As an initial matter, the merger consideration represents a
premium of only 21% (cash offering) or 22% (stock offering) based
on HF Financial's one-month average closing price. This premium is
significantly below the average one-month premium of nearly 42% for
comparable transactions within the past five years.
On October 26, 2015, HF Financial reported strong earnings
results for its first quarter 2016. Net interest income for the
quarter was $9.6 million, an increase of 16% compared to the same
period last year. Earnings for the quarter were $3.9 million, an
increase of 113% compared to the same period last year. In
commenting on these results, HF Financial President and Chief
Executive Officer Stephen Bianchi remarked, "Over the past two
years, we have better positioned our banking franchise to generate
stronger returns on equity with healthier net interest margins, a
branching platform that delivers quality service to our customers
more efficiently, and a lending team with better coordination for
reaching our customers. We also continue to improve workflows and
examine our cost structure to maximize efficiencies."
In light of these facts, Robbins Arroyo LLP is examining HF
Financial's Board of Directors' decision to sell the company now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects.
HF Financial shareholders have the option to file a class action
lawsuit to ensure the board of directors obtains the best possible
price for shareholders and the disclosure of material information.
HF Financial shareholders interested in information about their
rights and potential remedies can contact attorney Darnell R.
Donahue at 800-350-6003, ddonahue@robbinsarroyo.com, or via the
shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20151201006625/en/
Robbins Arroyo LLPDarnell R. Donahue619-525-3990 or Toll-Free
800-350-6003ddonahue@robbinsarroyo.comwww.robbinsarroyo.com
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