An investigation on behalf of investors of Heritage Oaks Bancorp (NASDAQ:HEOP) in connection with the proposed takeover was announced and NASDAQ:HEOP stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/23/2016 -- The acquisition of Heritage Oaks Bancorp is under investigation over potential wrongdoing. The investigation was announced on behalf of investors, who currently hold NASDAQ:HEOP shares, concerning whether the takeover of Heritage Oaks Bancorp by Pacific Premier Bancorp, Inc for a value of $11.68 per share is unfair.
Investors who purchased shares of Heritage Oaks Bancorp (NASDAQ:HEOP) and currently hold any of those NASDAQ:HEOP 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 Heritage Oaks Bancorp directors breached their fiduciary duties owed to NASDAQ:HEOP investors in connection with the proposed acquisition.
On December 13, 2016, Pacific Premier Bancorp, Inc, the holding company of Pacific Premier Bank and Heritage Oaks Bancorp (NASDAQ:HEOP) announced that they have entered into an agreement under which Pacific Premier Bancorp, Inc. will acquire Heritage Oaks Bancorp (NASDAQ:HEOP) in a stock transaction for total consideration of approximately $405.6 million, or $11.68 per share, based on a closing price for Pacific Premier Bancorp, Inc's common stock of $33.65 as of December 12, 2016.
However, given that at least one analyst has set the high target price for NASDAQ:HEOP shares at $13.50 per share, the investigation concerns whether the offer is unfair to NASDAQ:HEOP stockholders. More specifically, the investigation concerns whether the Heritage Oaks Bancorp 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 December 20, 2016, shares of Heritage Oaks Bancorp (NASDAQ:HEOP) closed at $1174 per share.
Those who are current investors in Heritage Oaks 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