An investigation for investors in NASDAQ:STSA shares over potential wrongdoing in connection with the proposed takeover of Sterling Financial Corporation was announced and current NASDAQ:STSA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/30/2013 -- An investigation on behalf of investors, who currently hold NASDAQ:STSA shares, is ongoing concerning whether the takeover of Sterling Financial Corporation by Umpqua Holdings Corporation is unfair.
Investors who purchased shares of the Sterling Financial Corporation (NASDAQ:STSA) and currently hold any of those NASDAQ:STSA shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
On September 9, 2013, Umpqua Holdings Corporation (NASDAQ: UMPQ) and Sterling Financial Corporation (NASDAQ: STSA) announced that they have entered into an agreement pursuant to which Sterling Financial will merge with and into Umpqua Holdings. Under the terms of the agreement, Sterling Financial shareholders will receive 1.671 shares of Umpqua Holdings common stock and $2.18 cash for each share of Sterling common stock. The total value of the Sterling Financial merger consideration, based on the closing price of Umpqua Holdings shares on September 11, 2013 of $16.96, is $30.52.
However, the investigation by a law firm concerns whether certain officers and directors of Sterling Financial Corporation breached their fiduciary duties owed NASDAQ:STSA investors in connection with the proposed acquisition. More specifically, given that funds affiliated with Thomas H. Lee Partners, L.P. and Warburg Pincus, the two largest shareholders of Sterling Financial, each owning approximately 20.8% of Sterling Financial’s outstanding common stock, have already agreed to vote in favor of and fully support the transaction, and that Thomas H. Lee Partners and Warburg Pincus have the right to designate a representative of each firm to serve on the board of directors of the combined company following closing, investigation concerns whether the Sterling Financial Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
On September 27, 2013, NASDAQ:STSA shares closed at $28.58 per share.
Those who are current investors in Sterling Financial Corporation (NASDAQ:STSA) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego