An investigation on behalf of investors of Cardinal Financial Corporation (NASDAQ:CFNL) in connection with the proposed takeover was announced and NASDAQ:CFNL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/31/2016 -- The takeover of Cardinal Financial Corporation is under investigation over potential wrongdoing. The investigation was announced for investors, who currently hold shares of Cardinal Financial Corporation (NASDAQ:CFNL), concerning whether the takeover of Cardinal Financial Corporation . by United Bankshares, Inc for a value of approximately $27.63 per share is unfair to NASDAQ:CFNL stockholders.
Investors who purchased shares of Cardinal Financial Corporation (NASDAQ:CFNL) and currently hold any of those NASDAQ:CFNL shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of Cardinal Financial Corporation breached their fiduciary duties owed to NASDAQ:CFNL investors in connection with the proposed acquisition.
On August 18, 2016, United Bankshares, Inc. (NASDAQ: UBSI) Chairman and Chief Executive Officer, Richard M. Adams, announced the signing of a merger agreement with Cardinal Financial Corporation (NASDAQ:CFNL). Under the terms of the agreement, valued at approximately $912 million, Cardinal Financial Corporation (NASDAQ:CFNL) shareholders will only receive 0.71 shares of United Bankshares per share held. Based on a August 17, 2016, closing price of 38.91 per NASDAQ: UBSI share investors in shares of Cardinal Financial Corporation (NASDAQ:CFNL) will receive a value of approximately $27.63 per NASDAQ:CFNL shares.
However, given that at least one analyst has set the high target price for NASDAQ:CFNL shares at $28.00 per share, the investigation concerns whether the offer is unfair to NASDAQ:CFNL stockholders. More specifically, the investigation concerns whether the Cardinal 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.
On August 30, 2016, shares of Cardinal Financial Corporation (NASDAQ:CFNL) closed at $26.66 per share.
Those who are current investors in Cardinal Financial Corporation shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com