AVENUE FINANCIAL SHAREHOLDER ALERT - Andrews & Springer LLC Is Seeking More Cash for Shareholders of Avenue Financial Holding...
08 Fevereiro 2016 - 11:13AM
Business Wire
Andrews & Springer LLC, a boutique securities class
action law firm focused on representing shareholders nationwide, is
investigating potential breach of fiduciary duty claims against the
Board of Directors of Avenue Financial Holdings, Inc.
(NASDAQGS:AVNU) (“Avenue Financial” or the “Company”) relating to
the sale of the Company to Pinnacle Financial Partners, Inc.
(“Pinnacle Financial”). On January 28, 2016, the two companies
announced the signing of a definitive merger agreement pursuant to
which Pinnacle Financial will acquire Avenue Financial in a deal
worth $201.4 million. As a result of the merger, Avenue Financial
shareholders are only anticipated to receive 0.36 shares of
Pinnacle Financial and $2.00 per share in cash in exchange for each
share they own. The total consideration Avenue Financial
shareholders anticipate receiving is roughly $20.03 per share.
In particular, our firm is investigating the insufficient
consideration that Avenue Financial shareholders are expected to
receive. Following the merger, Avenue Financial shareholders are
expected to be substantially diluted, owning only 8.1% of the
combined company. Additionally, the 0.36 exchange ratio restricts
the value that Avenue Financial shareholders are expected to
receive by exposing Avenue Financial shareholders to the volatility
of Pinnacle Financial’s average 10-day share price at the time of
closing. Tellingly, since the merger has been announced on January
28, 2016, Pinnacle Financial’s stock price fell from $51.32 per
share to $46.81 per share as of February 5, 2016.
If you own shares of Avenue Financial and want to receive
additional information and protect your investments free of charge,
please visit us at
http://www.andrewsspringer.com/cases-investigations/avenue-financial-class-action-investigation
or contact Craig J. Springer, Esq.
at cspringer@andrewsspringer.com, or call toll free at
1-800-423-6013. You may also follow us on LinkedIn –
www.linkedin.com/company/andrews-&-springer-llc, Twitter –
www.twitter.com/AndrewsSpringer or Facebook -
www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law
firm representing shareholders nationwide who are victims of
securities fraud, breaches of fiduciary duty or corporate
misconduct. Having formerly defended some of the largest financial
institutions in the world, our founding members use their valuable
knowledge, experience, and superior skill for the sole purpose of
achieving positive results for investors. These traits are the
hallmarks of our innovative approach to each case our Firm
decides to prosecute. For more information please visit our website
at www.andrewsspringer.com. This notice may constitute Attorney
Advertising.
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version on businesswire.com: http://www.businesswire.com/news/home/20160208005403/en/
For Andrews & Springer LLC:Craig J. Springer, Esq.,
800-423-6013cspringer@andrewsspringer.com
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