SAN DIEGO, Dec. 13, 2016 /PRNewswire/ -- Shareholder
rights law firm Johnson & Weaver, LLP has launched an
investigation into whether the board members of Heritage Oaks
Bancorp (NASDAQ: HEOP) breached their fiduciary duties in
connection with the proposed sale of the Company to Pacific Premier
Bank.
On December 13, 2016, Heritage
Oaks announced it had signed a definitive merger agreement with
Pacific Premier Bank. Under the terms of the agreement,
Pacific Premier will acquire Heritage Oaks in a stock transaction
for total consideration of approximately $405.6 million, or $11.68 per share; based on a closing price for
Pacific Premier's common stock of $33.65 as of December
12, 2016. The 52-week high for Heritage Oaks was
$12.52.
The investigation concerns whether the Heritage Oaks' board
failed to satisfy their duties to the Company shareholders,
including whether the board adequately pursued alternatives to the
acquisition and whether the board obtained the best price possible
for Heritage Oaks stock. Nationally recognized Johnson &
Weaver is investigating whether the proposed deal price represents
adequate consideration.
If you are a shareholder of Heritage Oaks and believe the
proposed buyout price is too low and you're interested in learning
more about the investigation or your legal rights and remedies,
please contact lead analyst Jim
Baker (jimb@johnsonandweaver.com) at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
Contact:
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
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SOURCE Johnson & Weaver, LLP