An investigation on behalf of investors of SunTrust Banks, Inc. (NYSE: STI) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 02/12/2019 -- An investigation was announced for investors in shares of SunTrust Banks, Inc. (NYSE: STI), concerning whether the takeover of SunTrust Banks, Inc. is unfair to STI stockholders.
Investors who purchased shares of SunTrust Banks, Inc. (NYSE: STI) and currently hold any of those NYSE: STI 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 directors of SunTrust Banks, Inc. breached their fiduciary duties owed to NYSE: STI investors in connection with the proposed acquisition.
Atlanta, GA based SunTrust Banks, Inc. operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, and institutions in the United States. On Feb. 7, 2019, SunTrust Banks, Inc. (NYSE: STI) and BB&T Corporation (NYSE: BBT) announced that both companies' boards of directors have unanimously approved an agreement to combine in an all-stock merger of equals valued at approximately $66 billion. Under the terms of the merger agreement, SunTrust shareholders will receive 1.295 shares of BB&T for each SunTrust share they own, or a value of approximately $62.85 based on BB&T's closing price on February 6, 2019.
However, given that at least one analyst has set the high target price for NYSE: STI shares at $88 per share and given that NYSE: STI traded in the open market as recently as August 2018 as high as $75.02 per share, the investigation concerns whether the offer is unfair to NYSE: STI stockholders. More specifically, the investigation concerns whether the SunTrust Banks 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 February 11, 2019, NYSE: STI shares closed at $64.77 per share.
Those who are current investors in SunTrust Banks, Inc. (NYSE: STI) shares have certain options and should contact the Shareholders Foundation.
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