Marshall & Ilsley Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Bank of Montreal
18 December 2010 - 7:59AM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the law firm of Powers Taylor LLP are
investigating potential legal claims against the Board of Directors
of Marshall & Ilsley Corp. (“Marshall & Ilsley” or “MI”)
(NYSE: MI) related to the proposed acquisition of Marshall &
Ilsley by Bank of Montreal (NYSE: BMO).
The definitive merger agreement involves a stock-for-stock
transaction valued at approximately $4.1 billion. Under the
proposed transaction, Marshall & Ilsley shareholders will
receive a fixed ratio of .1257 shares of Bank of Montreal common
stock for each share of Marshall & Ilsley/MI common stock they
hold. The acquisition price reportedly represents a value of $7.75
per share to Marshall & Ilsley shareholders, based on Bank of
Montreal’s closing price on December 16, 2010. However, Marshall
& Ilsley shares closed over $10.00 per share as recently as
April 2010, and analysts have stated that the true inherent value
of Marshall & Ilsley shares could be as high $9.50. In
addition, in connection with the acquisition agreement, Marshall
& Ilsley issued an option to Bank of Montreal to purchase up to
19.7% of MI’s common stock, which will provide a significant
interest in MI to Bank of Montreal. “Based on the low value to
shareholders, and other factors, we have concern whether the
proposed acquisition is fair to Marshall & Ilsley shareholders,
and we want to ensure that the shareholders are receiving the
maximum value for their stock,” said shareholder rights attorney
Willie Briscoe.
The investigation relates to possible breaches of fiduciary duty
and other violations of state law by the Board of Directors of
Marshall & Ilsley for approving this transaction and whether
Marshall & Ilsley’s Board of Directors acted in the
shareholders’ best interests.
If you currently own shares of Marshall & Ilsley/MI and
would like additional information regarding this investigation, or
if you have information regarding the allegations involved in this
transaction, please 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 toll free (877)
397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is
no cost or fee to you.
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