Robbins Arroyo LLP: Acquisition of Pulaski Financial Corp. (PULB) by First Busey Corp. (BUSE) May Not Be in Shareholders' Bes...
04 Dezembro 2015 - 6:28PM
Business Wire
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Pulaski Financial Corp.
(NASDAQ: PULB) by First Busey Corporation (NASDAQ: BUSE). On
December 3, 2015, the two companies announced the signing of a
definitive merger agreement pursuant to which First Busey will
acquire Pulaski Financial. Under the terms of the agreement,
Pulaski Financial shareholders will receive 0.79 shares of First
Busey for each share of Pulaski Financial they own, the value of
which is equivalent to $17.24 per share of Pulaski Financial.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/pulaski-financial-corporation
Is the Proposed Acquisition Best for Pulaski Financial and
Its Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Pulaski Financial is undertaking a fair process to
obtain maximum value and adequately compensate its
shareholders.
As an initial matter, the $17.24 merger consideration represents
a premium of only 1.4% based on Pulaski Financial's closing price
on December 3, 2015. This premium is significantly below the
average one-day premium of nearly 24% for comparable transactions
within the past three years. Most recently, Pulaski Financial
traded above the merger consideration – at $17.25 – on December 2,
2015.
On October 27, 2015, Pulaski Financial reported strong earnings
results for its fourth quarter 2015. Net interest income for the
quarter was $11.5 million, an increase of 3.6% compared to the same
period last year. Earnings available to common shareholders were
$3.6 million, an increase of 7.8% compared to the same period last
year. Additionally, Pulaski Financial has beat consensus analyst
estimates for adjusted net income in three out of its past four
quarters, and has beat consensus analyst estimates for sales in
every quarter for the past year.
In light of these facts, Robbins Arroyo LLP is examining Pulaski
Financial's board of directors' decision to sell the company now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects.
Pulaski Financial shareholders have the option to file a class
action lawsuit to ensure the board of directors obtains the best
possible price for shareholders and the disclosure of material
information. Pulaski Financial shareholders interested in
information about their rights and potential remedies can contact
attorney Darnell R. Donahue at (800) 350-6003,
ddonahue@robbinsarroyo.com, or via the shareholder information form
on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151204005832/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003ddonahue@robbinsarroyo.comwww.robbinsarroyo.com
Pulaski Financial Corp. (NASDAQ:PULB)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Pulaski Financial Corp. (NASDAQ:PULB)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024