CFS Bancorp Shareholder Alert: Briscoe Law Firm and Powers Taylor, LLP Investigate Sale to First Merchants Corporation
May 17 2013 - 3:30PM
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 CFS Bancorp, Inc. (“CFS”)
(NasdaqGM: CITZ) to First Merchants Corporation. Under the terms of
the sale valued at approximately $114.7 million, CFS shareholders
will receive 0.65 shares of First Merchants Corporation stock for
each share of CFS stock owned, representing an approximate value of
$10.49 per share, which is well below one analyst’s estimated value
of $15.11 per share.
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, please contact Willie Briscoe
at The Briscoe Law Firm, PLLC, (214) 239-4568, via email at
WBriscoe@TheBriscoeLawFirm.com or Zach Groover at Powers Taylor,
LLP, toll free (877) 728-9607, via e-mail at zach@powerstaylor.com.
There is no cost or fee to you.
The CFS sale investigation centers on whether CFS’s shareholders
are receiving adequate compensation for their shares in the
proposed deal, whether the transaction undervalues CFS’s stock, and
whether CFS’s board attempted to obtain the highest share price for
all shareholders prior to agreeing to the deal. Notably, according
to Yahoo! Finance, at least one analyst estimates that the true
inherent value of CFS shares could be as high as $15.11 per share.
According to shareholder rights attorney Willie Briscoe, “Due to
the nature of a stock for stock deal, the size of the deal, the
lack of a significant premium and other factors, we believe this
transaction may undervalue CFS’s stock. Our proposed 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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