Robbins Arroyo LLP: Acquisition of C1 Financial, Inc. (BNK) by Bank of the Ozarks, Inc. (OZRK) May Not Be in Shareholders' Be...
10 Novembro 2015 - 7:04PM
Business Wire
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of C1 Financial, Inc. (NYSE:
BNK) by Bank of the Ozarks, Inc. (Nasdaq: OZRK). On November 9,
2015, the two companies announced the signing of a definitive
merger agreement pursuant to which Bank of the Ozarks will acquire
C1 Financial. Under the terms of the agreement, C1 Financial
shareholders will receive shares of Bank of the Ozarks for each
share of C1 Financial they own, the value of which is equivalent to
$25.00 for each share of C1 Financial common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/c1-financial-inc
Is the Proposed Acquisition Best for C1 Financial and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at C1 Financial is undertaking a fair process to
obtain maximum value and adequately compensate its
shareholders.
As an initial matter, the $25.00 merger consideration represents
a premium of only 20.4% based on C1 Financial's one-week average
closing price. This premium is significantly below the average
one-week premium of nearly 27.0% for comparable transactions within
the past year.
On October 15, 2015, C1 Financial reported strong earnings
results for its third quarter 2015. Net income was $5.0 million, a
90.6% increase over the third quarter 2014. Core deposits grew
$44.0 million, up 4.6% from the previous quarter. In commenting on
these results, Trevor Burgess, President and Chief Executive
Officer of C1 Financial remarked, "We are excited by our strong
results in the third quarter as we grow our earning assets and
leverage our infrastructure. Our deposit growth in the third
quarter will provide needed funding for the strong pipeline of new
loan relationships as we head into the end of the year. C1 Labs
technology has contributed to productivity gains that has allowed
us to reduce our retail network headcount by approximately 10%,
which should allow us to reach best in class levels of assets and
revenue per employee over the long term."
In light of these facts, Robbins Arroyo LLP is examining C1
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.
C1 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.
C1 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/20151110006922/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003ddonahue@robbinsarroyo.comwww.robbinsarroyo.com
C1 FINANCIAL, INC. (NYSE:BNK)
Gráfico Histórico do Ativo
De Jan 2025 até Fev 2025
C1 FINANCIAL, INC. (NYSE:BNK)
Gráfico Histórico do Ativo
De Fev 2024 até Fev 2025