An investigation on behalf of investors of Your Community Bankshares Inc (NASDAQ:YCB) in connection with the proposed takeover was announced and NASDAQ:YCB stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/12/2016 -- The acquisition of Your Community Bankshares Inc is under investigation over potential wrongdoing. The investigation was announced for investors, who currently hold NASDAQ:YCB shares, was announced concerning whether the takeover of Your Community Bankshares Inc by WesBanco, Inc is unfair to NASDAQ:YCB stockholders.
Investors who purchased shares of Your Community Bankshares Inc (NASDAQ:YCB) and currently hold any of those NASDAQ:YCB shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of Your Community Bankshares Inc breached their fiduciary duties owed to NASDAQ:YCB investors in connection with the proposed acquisition.
On May 3, 2016 WesBanco, Inc. and Your Community Bankshares Inc (NASDAQ:YCB) announced that they have executed an Agreement and Plan of Merger providing for the merger of Your Community with and into WesBanco. Under the terms of the Agreement and Plan of Merger, WesBanco will exchange a combination of its common stock and cash for Your Community Bankshares Inc (NASDAQ:YCB) common stock. Your Community shareholders will be entitled to receive 0.964 of a share of WesBanco common stock and cash in the amount of $7.70 per share for each share of Your Community common stock for a total value of approximately $39.05 per share or $221.0 million in aggregate based on WesBanco's market close price of $32.52 on May 2, 2016.
However, given that at least one analyst has set the high target price for NASDAQ:YCB shares at $39.50 per share and that NASDAQ:YCB shares increased in the open market after the takeover announcement to as high as $37.89 per share on May 5, 2016, the investigation concerns whether the offer is unfair to NASDAQ:YCB stockholders. More specifically, given that all of the directors and executive officers of Your Community Bankshares Inc (NASDAQ:YCB) have already entered into voting agreements with WesBanco pursuant to which they have agreed to vote their shares in favor of the transaction, the investigation concerns whether the Your Community Bankshares 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 10, 2016, NASDAQ:YCB closed at $37.53 per share.
Those who are current investors in Your Community Bankshares Inc shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego