An investigation on behalf of investors of Square 1 Financial Inc (NASDAQ:SQBK) in connection with the proposed takeover was announced and NASDAQ:SQBK stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/10/2015 -- An investigation on behalf of investors, who currently hold shares of Square 1 Financial Inc (NASDAQ:SQBK), was announced concerning whether the takeover of Square 1 Financial Inc. by PacWest Bancorp is unfair to NASDAQ:SQBK stockholders.
Investors who purchased shares of Square 1 Financial Inc (NASDAQ:SQBK) and currently hold any of those NASDAQ:SQBK 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 Square 1 Financial Inc breached their fiduciary duties owed to NASDAQ:SQBK investors in connection with the proposed acquisition.
On March 2, 2015, PacWest Bancorp and Square 1 Financial, Inc. (Nasdaq:SQBK) announced the signing of an agreement and plan of merger whereby PacWest will acquire Square 1 in a transaction valued at approximately $849 million. Under the terms of the Agreement, Square 1 stockholders will receive 0.5997 shares of PacWest common stock for each share of Square 1 common stock. The total value of the per share merger consideration, based on the closing price of PacWest common stock on February 27, 2015, of $45.84 is $27.49 per NASDAQ:SQBK shares.
However, the investigation concerns whether the offer is unfair to NASDAQ:SQBK stockholders. More specifically, the investigation concerns whether the Square 1 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. Square 1 Financial Inc reported that its Net Income rose from $5.35 million in 2011 to $49.83 million in 2014. Shares of Square 1 Financial Inc (NASDAQ:SQBK) increased from $17.33 per share in October 2014 to as high as $28.70 per share on February 26, 2015.
On March 6, 2015, NASDAQ:SQBK shares closed at $25.88 per share.
Those who are current investors in Square 1 Financial Inc (NASDAQ:SQBK) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego