An investigation on behalf of investors of National Penn Bancshares (NASDAQ:NPBC) in connection with the proposed takeover was announced and NASDAQ:NPBC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/08/2015 -- An investigation for investors who purchased NASDAQ:NPB shares was announced concerning whether the takeover of National Penn Bancshares by BB&T Corporation is unfair.
On August 17, 2015, BB&T Corporation (NYSE: BBT) and National Penn Bancshares (NASDAQ:NPBC) announced the signing of an agreement under which BB&T will acquire National Penn Bancshares (NASDAQ:NPBC) in a cash and stock transaction for total consideration valued at approximately $1.8 billion
Investors who purchased shares of National Penn Bancshares (NASDAQ:NPBC) and currently hold any of those NASDAQ:NPBC shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of National Penn Bancshares breached their fiduciary duties owed to NASDAQ:NPBC investors in connection with the proposed acquisition.
Under the terms of the agreement National Penn stockholders can elect to receive 0.3206 of a share of BB&T common stock or $13.00 in cash for each share of National Penn common stock, subject to proration such that total consideration will consist of approximately $550 million in cash and approximately 31.6 million BB&T common shares.
However, the investigation concerns whether the offer is unfair to NASDAQ:NPBC stockholders. More specifically, the investigation concerns whether the National Penn Bancshares 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 September 4, 2015, NASDAQ:NPBC shares closed at $11.77 per share.
Those who are current investors in National Penn Bancshares (NASDAQ:NPBC) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego