A lawsuit was filed for investors in shares of BNC Bancorp (NASDAQ:BNCN) in connection with the proposed takeover and NASDAQ:BNCN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/31/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of BNC Bancorp (NASDAQ:BNCN), filed a lawsuit in against the takeover of BNC Bancorp by Pinnacle Financial Partners, Inc. is unfair to NASDAQ:BNCN stockholders.
Investors who purchased shares of BNC Bancorp (NASDAQ:BNCN) and currently hold any of those NASDAQ:BNCN shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:BNCN stockholders by agreeing to sell BNC Bancorp cheaply via an unfair process to Pinnacle Financial Partners, Inc.
On January 23, 2107, Pinnacle Financial Partners, Inc. (Nasdaq: PNFP), the holding company and parent of Pinnacle Bank, and BNC Bancorp (NASDAQ:BNCN), the holding company and parent of Bank of North Carolina, announced the signing of an agreement pursuant to which BNC Bancorp (NASDAQ:BNCN) will merge with and into Pinnacle Financial Partners, Inc. (Nasdaq: PNFP) in an all-stock transaction. Under the terms of the agreement, valued at approximately $1.9 billion, BNC Bancorp (NASDAQ:BNCN) shareholders will only receive 0.5235 shares of Pinnacle Financial Partners, Inc. (Nasdaq: PNFP) common stock per NASDAQ:BNCN share held. Based on the 20-day trailing average closing before the deal was announced, the transaction is valued at approximately $35.70 per NASDAQ:BNCN share.
However, plaintiff claims that the proposed consideration NASDAQ:BNCN shareholders will receive is grossly inadequate and undervalues BNC Bancorp. Indeed, at least one analyst has set the high target price for NASDAQ:BNCN shares at $40.00 per share. BNC Bancorp reported that its Net Income rose from $44.45 million in 2015 to $62.91 million in 2016. In addition, the plaintiff alleges that the process is also unfair NASDAQ:BNCN stockholders
On May 30, 2017, NASDAQ:BNCN shares closed at $31.70 per share.
Those who are current investors in BNC Bancorp 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