Following the announcement by Cadence Bancorp, LLC that it intends to acquire Encore Bancshares, Inc for $20.62 per NASDAQ:EBTX shares an investigation for investors in Encore Bancshares, Inc (NASDAQ:EBTX) shares was announced concerning whether the offer to acquire Encore Bancshares, Inc and the buyout process are unfair to investors in NASDAQ:EBTX shares.
Investors who are a current stockholders in Encore Bancshares, Inc (NASDAQ:EBTX) shares and purchased NASDAQ:EBTX shares prior to March 6, 2012, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigations by law firms concern whether Encore Bancshares, certain officers and directors, and/or others breached their fiduciary duties owed to Encore Bancshares, Inc (NASDAQ:EBTX) investors in connection with the proposed acquisition.
On March 6, 2012, Cadence Bancorp, LLC announced that it has entered into an agreement to purchase Encore Bancshares, Inc. (NASDAQ: EBTX) in an all-cash transaction. Under terms of the proposed transaction, Cadence Bancorp, LLC will pay $20.62 per NASDAQ: EBTX share, or approximately $250 million for the approximately 12.1 million outstanding shares of Encore Bancshares, Inc., equating to a 2.4x price to tangible book value multiple.
Following the takeover news shares of Encore Bancshares, Inc (NASDAQ:EBTX) from $14.91 per share on Monday to $20.29 on Tuesday.
However, the investigation for NASDAQ:EBTX investors concerns whether the Encore Bancshares Board of Directors undertook an adequate sales process and in particular breached their fiduciary duties to NASDAQ:EBTX shareholders by failing to adequately shop the Company before entering into this transaction. Cadence Bancorp, LLC said that certain members of the Board of Directors of Encore Bancshares have already provided proxies in support of the transaction.
Those who are current investors in Encore Bancshares, Inc (NASDAQ:EBTX) and purchased their NASDAQ:EBTX shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail(at)shareholdersfoundation.com