San Diego, CA -- (SBWIRE) -- 07/29/2014 -- An investigation on behalf of investors, who currently hold shares of Intermountain Community Bancorp (NASDAQ:IMCB), was announced concerning whether the takeover of Intermountain Community Bancorp by Columbia Banking System, Inc for a value of approximately $18.2 per share is unfair to NASDAQ:IMCB stockholders.
Investors who purchased shares of Intermountain Community Bancorp (NASDAQ:IMCB) and currently hold any of those NASDAQ:IMCB shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Intermountain Community Bancorp breached their fiduciary duties owed to NASDAQ:IMCB investors in connection with the proposed acquisition.
On July 23, 2014 Columbia Banking System, Inc. (NASDAQ: COLB, "Columbia") and Intermountain Community Bancorp (NASDAQ: IMCB, "Intermountain") announced the signing of an agreement to merge Intermountain into Columbia in a stock and cash transaction valued at approximately $121.5 million or approximately $18.22 per share based on Columbia's July 23, 2014 stock price.
Under the terms of the merger agreement, Intermountain shareholders are entitled to receive 0.6426 shares of Columbia common stock and $2.2930 in cash for each share of Intermountain stock. Based on Columbia's closing stock price as of July 23, 2014, the merger consideration is valued at $18.22 per share.
However, given that following the takeover announcement shares of Intermountain Community Bancorp (NASDAQ:IMCB) rose in the open market to as high as $19.30 per share on July 25, 2014, the investigation concerns whether the offer is unfair to NASDAQ:IMCB stockholders.
In addition, given that the two largest shareholders of Intermountain, among others, have already agreed to vote in favor of the merger, the investigation concerns whether the Intermountain Community 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.
Intermountain Community Bancorp reported that its annual Net Income increased from $3.78 million in 2012 to $11.77 million in 2013.
On July 25, 2014, NASDAQ:IMCB shares closed at $19.30 per share on July 25, 2014.
Those who are current investors in Intermountain Community Bancorp (NASDAQ:IMCB) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego