An investigation for investors, who purchased shares of Southcoast Financial Corporation (NASDAQ:SOCB), was announced concerning whether the takeover of Southcoast Financial Corporation by BNC Bancorp for $13.35 per share is unfair.
San Diego, CA -- (SBWIRE) -- 09/10/2015 -- On August 14, 2015, BNC Bancorp (NASDAQ: BNCN), the holding company for Bank of North Carolina, and Southcoast Financial Corporation (NASDAQ:SOCB), the holding company for Southcoast Community Bank, have entered into an agreement pursuant to which BNC Bancorp will acquire all of the common stock of Southcoast Financial Corporation in a stock transaction valued at approximately $95.5 million, based on the closing price of BNC common stock on August 13, 2015.
Investors who purchased shares of Southcoast Financial Corporation (NASDAQ:SOCB) and currently hold any of those NASDAQ:SOCB shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Southcoast Financial Corporation breached their fiduciary duties owed to NASDAQ:SOCB investors in connection with the proposed acquisition.
Under the terms of the agreement, which has been approved by the Boards of Directors of both companies, Southcoast Financial Corporation shareholders will receive a fixed price of $13.35 for each share of Southcoast Financial Corporation (NASDAQ:SOCB) common stock, payable in shares of BNC Bancorp common stock based upon the 20-day volume weighted average price of BNC Bancorp common stock prior to the closing of the merger (the "VWAP"), subject to minimum and maximum exchange ratios.
However, given that at least one analyst has set the high target price for NASDAQ:SOCB shares at $18.18 per share, the investigation concerns whether the offer is unfair to NASDAQ:SOCB stockholders. More specifically, the investigation concerns whether the Southcoast Financial 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.
Shares of Southcoast Financial Corporation (NASDAQ:SOCB) closed on September 8, 2015, at $13.00 per share.
Those who are current investors in Southcoast Financial Corporation (NASDAQ:SOCB) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego