A lawsuit was filed for investors in shares of EverBank Financial Corp (NYSE:EVER) in connection with the proposed takeover was announced and NYSE:EVER stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/03/2016 -- The Shareholders Foundation announced that an investor who currently holds shares of EverBank Financial Corp (NYSE:EVER), filed a lawsuit in effort to halt the proposed takeover of EverBank Financial Corp. by TIAA for $19.50 per share.
Investors who purchased shares of EverBank Financial Corp (NYSE:EVER) and currently hold any of those NYSE:EVER shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:EVER stockholders by agreeing to sell EverBank Financial too cheaply via an unfair process to TIAA.
On August 08, 2016 TIAA announced an agreement to acquire EverBank Financial Corp (NYSE:EVER). Under the terms of the agreement, EverBank Financial Corp (NYSE:EVER) stockholders will receive $19.50 per share in cash, or an approximate total of $2.5 billion.
However, plaintiff claims that the proposed consideration NYSE:EVER shareholders will receive is grossly inadequate and undervalues EverBank Financial Corp. Indeed, at least one analyst has set the high target price for NYSE:EVER shares at $21.00 per share and given that NYSE:EVER shares traded in October 2015 as high as $21.08 per share.
In addition, the plaintiff alleges that the process is also unfair to NYSE:EVER stockholder. Indeed, certain stockholders, directors and executive officers of EverBank with the power to vote approximately 22% of EverBank's outstanding common stock have already entered into voting and support agreements with TIAA to vote in favor of, and otherwise support, the transaction.
On September 30, 2016, NYSE:EVER shares closed at $19.36 per share.
Those who are current investors in EverBank Financial Corp shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego