NEW YORK, Dec. 2, 2015 /PRNewswire/ -- The proposed
acquisition of HF Financial Corporation ("HFFC" or the "Company")
by Great Western Bancorp Inc. ("GWB") is being investigated by
WeissLaw LLP for possible breaches of fiduciary duty and other
violations of law by the Board of Directors of HFFC. On
November 30, 2015, the Company
announced it had reached a definitive agreement for GWB to acquire
all outstanding shares of HFFC in a transaction valued at
approximately $137 million. Under the
terms of the agreement, HFFC shareholders will receive either 0.65
shares of Great Western or $19.50 in
cash for each HFFC share they own.
WeissLaw is investigating whether HFFC's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the merger price represents a premium of no more than 22%
based on HFFC's average closing price over the last month, which is
significantly below the average of nearly 42% for similar
transactions within the past five years. Additionally, HFFC
reported strong earnings results for its first quarter 2016 with
net interest income increasing 16% and earnings increasing
113%.
Given these facts, WeissLaw is investigating whether HFFC's
Board acted in the best interests of HFFC's public shareholders by
actively shopping the Company to maximize shareholder value prior
to entering into the agreement with GWB. If you own HFFC
shares and would like more information about your rights or our
investigation, or if you have information to share with us, please
contact Joshua Rubin by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for defrauded
clients and obtained important corporate governance relief in many
of these cases. If you have information or would like legal
advice concerning possible corporate wrongdoing (including insider
trading, waste of corporate assets, accounting fraud, or materially
misleading information), consumer fraud (including false
advertising, defective products, or other deceptive business
practices), or anti-trust violations, please email us at
stockinfo@weisslawllp.com or fill out the form on our
website,
http://www.weisslawllp.com/contact/report_fraud/.
Attorney Advertising. Past results do not guarantee a
similar outcome.
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SOURCE WeissLaw LLP