An investigation on behalf of investors of Baylake Corporation (NASDAQ:BYLK ) in connection with the proposed takeover was announced and NASDAQ:BYLK stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/01/2015 -- An investigation for shareholder in shares of Baylake Corporation (NASDAQ:BYLK ) was announced concerning the takeover of Baylake Corporation by Nicolet Bankshares for $15.02 per share.
On September 8, 2015, Nicolet Bankshares, Inc. (OTCQB: NCBS) and Baylake Corporation (NASDAQ:BYLK) announce the signing of a merger agreement under which Nicolet and Baylake Corporation (NASDAQ:BYLK) will merge to create the largest community bank north of Milwaukee.
Investors who purchased shares of Baylake Corporation (NASDAQ:BYLK) and currently hold any of those NASDAQ:BYLK shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Baylake Corporation breached their fiduciary duties owed to NASDAQ:BYLK investors in connection with the proposed acquisition.
In the merger, Baylake shareholders will receive a fixed ratio of 0.4517 shares of Nicolet common stock for each share of Baylake Corporation (NASDAQ:BYLK) common stock. This implies a transaction value of $15.02 per share of Baylake Corporation (NASDAQ:BYLK) stock or approximately $141 million in aggregate consideration based upon Nicolet's closing price of $33.25 as of September 8, 2015.
However, the investigation concerns whether the offer is unfair to NASDAQ:BYLK stockholders. More specifically, the investigation concerns whether the Baylake 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.
Baylake Corporation reported that its Net Income increased from $4.48 million in 2011 to $8.92 million in 2014.
On September 30, 2015, NASDAQ:BYLK shares closed at $14.15 per share.
Those who are current investors in Baylake Corporation (NASDAQ:BYLK) 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