West Coast Bancorp Proposed Merger Investigated by the Securities Attorneys at The Briscoe Law Firm and Powers Taylor, LLP
September 26 2012 - 10:27AM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating potential legal claims against the Board of
Directors of West Cost Bancorp (“West Coast”) (Nasdaq: WCBO)
related to a proposed merger with Columbia Banking System, Inc. in
a transaction valued at approximately $506 million. Under the terms
of the proposed transaction, West Coast shareholders can elect,
subject to allocation procedures, to receive either Columbia common
stock, cash or a combination of both for each share of West Coast
stock owned. The value received by West Coast shareholders on a per
share basis will fluctuate, but based upon the previous day’s
closing price, West Coast shareholders would only receive
approximately $23.10 per share. Notably, this estimate price is
below at least one analyst’s estimated value of $24.00 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 West Coast Bancorp proposed merger investigation centers on
whether West Coast shareholders are receiving adequate compensation
for their shares in the merger, whether the transaction undervalues
West Coast stock, and whether West Coast’s board attempted to
obtain the highest share price for all shareholders prior to
agreeing to the deal. According to Yahoo! Finance, at least one
analyst has estimated that the true inherent value of West Coast
stock could be as high as $24.00 per share. “Due to the nature of
the transaction and other factors, we believe that the transaction
may undervalue West Coast stock. Our lawsuit will seek to obtain
the highest share price for all shareholders,” said shareholder
rights attorney Willie Briscoe.
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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