An investigation on behalf of investors of Washington Banking Co (NASDAQ:WBCO) in connection with the proposed takeover was announced and NASDAQ:WBCO stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/29/2013 -- An investigation on behalf of investors, who currently hold shares of Washington Banking Co (NASDAQ:WBCO) shares, was announced concerning whether the takeover of Washington Banking Co by Heritage Financial Corporation for $16.89 per NASDAQ:WBCO share is unfair to Washington Banking stockholders.
Investors who purchased shares of Washington Banking Co (NASDAQ:WBCO) and currently hold any of those NASDAQ:WBCO shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Washington Banking Co breached their fiduciary duties owed to NASDAQ:WBCO investors in connection with the proposed acquisition.
On October 23, 2013, Heritage Financial Corporation (NASDAQ: HFWA) and Washington Banking Co jointly announced the signing of an agreement under which Heritage Financial Corporation and Washington Banking Co. will enter into a strategic merger. Under the terms of the merger agreement, Washington Banking Co. shareholders will receive 0.89000 shares of Heritage Financial Corporation common stock and $2.75 in cash for each share of Washington Banking Co common stock. Based on the closing price of Heritage common stock of $15.89 on October 23, 2013, the consideration value per share for Washington Banking was $16.89, or approximately $265.1 million in aggregate.
However, given that at least one analyst has set the high target pirce for NASDAQ:WBCO shares at $17.00 per share, the investigation concerns whether the $16.89-offer is unfair to NASDAQ:WBCO stockholders.
More specifically, the investigation concerns whether the Washington Banking 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.
In addition, Washington Banking Co’s performance improved recently. For instance its Net Income grew from $15.95 million in 2011 to $16.84 million in 2012.
Shares of Washington Banking Co increased from $6.70 per share in March 2009 to as high as $15.54 per share in July 2013.
On Oct. 24, 2013, NASDAQ:WBCO shares closed at $17.00 per share.
Those who are current investors in Washington Banking Co (NASDAQ:WBCO) and purchased their Washington Banking Co shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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