An investigation on behalf of investors of First Choice Bancorp (NASDAQ:FCBP) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 05/14/2021 -- An investigation was announced concerning the takeover of First Choice Bancorp.
Investors who purchased shares of First Choice Bancorp (NASDAQ: FCBP) and currently hold any of those NASDAQ: FCBP shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of First Choice Bancorp breached their fiduciary duties owed to NASDAQ: FCBP investors in connection with the proposed acquisition.
On April 26, 2021, Enterprise Financial Services Corp (Nasdaq: EFSC), the holding company of Enterprise Bank & Trust, and First Choice Bancorp (Nasdaq: FCBP), the holding company of First Choice Bank, announced that Enterprise Financial Services Corp, Enterprise Bank & Trust, First Choice Bancorp and First Choice Bank have entered into a merger agreement pursuant to which Enterprise Financial Services Corp will acquire, in an all-stock merger, FCBP. Under the terms of the merger agreement, FCBP will merge with and into Enterprise Financial Services Corp, and First Choice will subsequently merge with and into EB&T (with Enterprise and EB&T as the surviving entities) in a transaction valued at approximately $397.7 million, or $33.40 per FCBP share, based on the closing price of Enterprise Financial Services Corp's common stock on April 23, 2021. On a pro forma consolidated basis, the combined company would have approximately $12.7 billion in consolidated total assets as of March 31, 2021.
However, given that FCBP's directors have already entered into agreements with the Company pursuant to which they have committed to vote their shares, which represent approximately 16% of FCBP's issued and outstanding common stock, in favor of the acquisition, the investigation concerns whether the offer is unfair to NASDAQ: FCBP stockholders. More specifically, the investigation concerns whether the First Choice Bancorp 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.
Those who are current investors in First Choice Bancorp (NASDAQ: FCBP) shares have certain options and should contact the Shareholders Foundation.
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