San Diego, CA -- (SBWIRE) -- 05/23/2012 -- An investor in NASDAQ:VIST shares filed a lawsuit against members of the board of directors of VIST Financial Corp. to stop the proposed takeover of VIST Financial Corp. by Tompkins Financial for a value of $12.50 per NASDAQ:VIST common share.
Investors are a current stockholders in VIST Financial Corp. (NASDAQ:VIST) and purchased NASDAQ:VIST shares prior to the announcement, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties to VIST Financial Corporation (NASDAQ:VIST) investors arising out of the attempt to sell the company too cheaply to Tompkins Financial Corporation
On Jan. 26, 2012, Tompkins Financial Corporation and VIST Financial Corp announced that they have entered into a merger agreement under which Tompkins Financial will acquire VIST Financial Corp. for a value of $12.50 per VIST common share or a transaction valued of approximately $86.0 million.
Following the takeover news NASDAQ:VIST shares jumped from $6.90 per share on Jan. 25, 2012 to $10.80 on Jan. 26, 2012 and continued to increase to as high as $12.25 per share on Feb. 8, 2012.
However, the plaintiff alleges that the $12.50offer is unfair to NASDAQ:VIST investors and undervalues the company. Indeed, VIST Financial Corp. has reported a book value of $17.80 per share for the most recent quarter.
Those who are current investors in VIST Financial Corp. (NASDAQ:VIST) and purchased your VIST Financial shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego