DALLAS, Jan. 25, 2012 /PRNewswire/ -- Former United
States Securities and Exchange Commission attorney Willie Briscoe
and the securities litigation firm of Powers Taylor, LLP are
investigating the sale of Indiana Community Bancorp ("Indiana Community" or "INCB") (NASDAQ: INCB)
to Old National Bancorp for shareholders. Under the proposed
acquisition, Indiana Community
shareholders will receive a fixed ratio of only 1.90 shares of Old
National Bancorp common stock for each share of Indiana Community/INCB common stock they
hold. Based on the closing price of Old National shares the
day prior to the announcement, the acquisition price represents a
value of approximately $23.52 per
share.
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If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or
Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to
you.
The definitive acquisition agreement involves a transaction with
a total enterprise value of approximately $79.2 million.
The investigation centers on whether Indiana Community shareholders are receiving
adequate compensation for their shares in the buyout, whether the
transaction undervalues Indiana
Community's stock, and whether Indiana Community's board attempted to obtain
the highest share price for all shareholders prior to agreeing to
the deal. More specifically, although the acquisition price
represents a premium over Indiana
Community's closing price the day before the buyout
announcement, Indiana
Community/INCB shares closed as high as $17.50 per share as recently as July 28, 2011. Further, according to a
recent Form 8-K filed by Indiana
Community with the U.S. Securities and Exchange Commission,
if delinquent loans exceed certain benchmarks, the share exchange
ratio could further be decreased prior to closing. "Based on
these and other factors, we are concerned that the transaction may
undervalue Indiana Community
stock. Our lawsuit will seek to obtain the highest share
price for all shareholders," said shareholder rights attorney
Patrick Powers.
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP