A lawsuit was filed for investors in NASDAQ:TLMR shares in connection with the proposed takeover was announced and NASDAQ:TLMR stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/15/2016 -- A shareholder in Talmer Bancorp Inc (NASDAQ:TLMR) filed a lawsuit against the proposed takeover of Talmer Bancorp Inc. by Chemical Financial Corporation.
Investors who purchased shares of Talmer Bancorp Inc (NASDAQ:TLMR) and currently hold any of those NASDAQ:TLMR shares have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:TLMR stockholders by agreeing to sell Talmer Bancorp Inc too cheaply via an unfair process to Chemical Financial Corporation.
On January 26, 2016, the boards of directors of Chemical Financial Corporation (Nasdaq:CHFC), the holding company for Chemical Bank, and Talmer Bancorp, Inc. (Nasdaq:TLMR), the holding company for Talmer Bank and Trust, announced the execution of an agreement for Chemical Financial Corporation to partner with Talmer Bancorp, Inc. in a cash and common stock merger transaction valued at approximately $1.1 billion. Under the terms of the agreement, Chemical Bank will acquire all of the outstanding shares of Talmer common stock for common stock and cash in a transaction currently valued at approximately $1.1 billion, or $15.64 per share, based on the closing price of Chemical of $29.70 per share as of January 25, 2016. Talmer shareholders will receive 0.4725 shares of Chemical common stock and $1.61 per share in cash.
However, the plaintiff claims that the proposed consideration NASDAQ:TLMR shareholders will receive is grossly inadequate and undervalues Talmer Bancorp, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:TLMR shares at $21.00 per share and NASDAQ:TLMR shares traded as recently as late December as high as $18.71 per share. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:TLMR stockholders.
On March 11, 2016, NASDAQ:TLMR shares closed at $17.51 per share.
Those who are current investors in Talmer Bancorp Inc (NASDAQ:TLMR) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego