Southern Community Financial Corp. Shareholder Alert: Buyout Investigated by the Securities Attorneys at The Briscoe Law Firm...
28 March 2012 - 1:27AM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the sale of Southern Community Financial
Corporation (“Southern Community” or “SCMF”) (NASDAQ: SCMF) to
Capital Bank Financial Corp. for shareholders. Under the proposed
buyout, Capital Bank will acquire 100% of the stock for $2.875 per
share. SCMF shareholders may elect to receive their payment in cash
or stock, with total consideration consisting of 40% cash and 60%
newly issued shares of CBF, which will be exchanged at a fixed
ratio of 0.131 based on a value for CBF of $22 per share, subject
to certain adjustments. Additionally, SCMF shareholders will
receive non-transferable contingent value rights entitling them to
receive up to $1.30 per share in cash five years after the
effective date of the transaction based on 75% of the savings to
the extent that legacy loan and foreclosed asset losses are less
than a prescribed dollar amount.
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 transaction is expected to close in the second quarter of
2012.
According to shareholder rights attorney Willie Briscoe, “The
investigation centers on whether SCMF shareholders are receiving
adequate compensation for their shares in the buyout, whether the
transaction undervalues SCMF stock, and whether SCMF’s board
attempted to obtain the highest share price for all shareholders
prior to agreeing to the deal.” Based on the lack of a significant
premium to SCMF shareholders, and other factors, the firms are
investigating whether the buyout price is fair to SCMF
shareholders. Our proposed shareholder lawsuit seeks to obtain
additional value for shareholders than what is proposed in the
current buyout offer.
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.
Southern Community Financial (NASDAQ:SCMF)
Historical Stock Chart
From May 2024 to Jun 2024
Southern Community Financial (NASDAQ:SCMF)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Southern Community Financial Corp. (MM) (NASDAQ): 0 recent articles
More Powers Taylor, LLP News Articles