An investigation on behalf of investors of Avenue Financial Holdings Inc (NASDAQ:AVNU) in connection with the proposed takeover was announced and Avenue Financial Holdings Inc (NASDAQ:AVNU stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/18/2016 -- An investigation for shareholders in NASDAQ:AVNU shares was announced over the takeover of Avenue Financial Holdings Inc by Pinnacle Financial Partners, Inc.
Investors who purchased shares of Avenue Financial Holdings Inc (NASDAQ:AVNU) and currently hold any of those NASDAQ:AVNU shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of Avenue Financial Holdings Inc breached their fiduciary duties owed to NASDAQ:AVNU investors in connection with the proposed acquisition.
On January 29, 2016, Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) and Avenue Financial Holdings Inc (NASDAQ:AVNU) announced the signing of an agreement for Avenue Financial Holdings Inc (NASDAQ:AVNU) to merge into Pinnacle Financial Partners, Inc. Under the terms of the merger agreement, Avenue Financial Holdings Inc (NASDAQ:AVNU) shareholders will receive 0.36 shares of Pinnacle's common stock and $2.00 in cash for every Avenue share or a value of approximately $20.03 per NASDAQ:AVNU share.
However, given that at least one analyst has set the high target price for NASDAQ:AVNU shares at $22.00 per share, the investigation concerns whether the offer is unfair to NASDAQ:AVNU stockholders. More specifically, the investigation concerns whether the Avenue Financial Holdings 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.
Shares of Avenue Financial Holdings Inc (NASDAQ:AVNU) closed on February 17, 2016, at $18.63 per share.
Those who are current investors in Avenue Financial Holdings Inc (NASDAQ:AVNU) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com