An investigation on behalf of investors of Park Sterling Corp (NASDAQ:PSTB) in connection with the proposed takeover was announced and NASDAQ:PSTB stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/10/2017 -- An investigation on behalf of investors, who currently hold shares of Park Sterling Corp (NASDAQ:PSTB), was announced concerning whether the takeover of Park Sterling Corp. by South State Corporation for a value of approximately $12.87 per share is unfair to NASDAQ:PSTB stockholders.
Investors who purchased shares of Park Sterling Corp (NASDAQ:PSTB) and currently hold any of those NASDAQ:PSTB 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 Park Sterling Corp breached their fiduciary duties owed to NASDAQ:PSTB investors in connection with the proposed acquisition.
On April 27, 2017, South State Corporation (NASDAQ:SSB) and Park Sterling Corp (NASDAQ:PSTB) jointly announced the signing of a merger agreement. Combining the two companies will create a $14.5 billion in assets franchise operating throughout the Carolinas, Virginia and Georgia. Under the terms of the agreement, shareholders of Park Sterling Corp (NASDAQ:PSTB) will receive 0.14 shares of South State common stock for each share of Park Sterling Corp (NASDAQ:PSTB) common stock or a value of approximately $12.87 per share.
However, given that at least one analyst has set the high target price for NASDAQ:PSTB at $14.00 per share, the investigation concerns whether the offer is unfair to NASDAQ:PSTB stockholders. More specifically, the investigation concerns whether the Park Sterling 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 May 9, 2017, shares of Park Sterling Corp (NASDAQ:PSTB) closed at $12.06 per share.
Those who are current investors in Park Sterling Corp 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