SAN DIEGO, CA / ACCESSWIRE / June 18, 2019 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for investors who formerly held FCB Financial Holdings, Inc. (NYSE: FCB) shares.
Investors, who held shares of FCB Financial Holdings, Inc. (NYSE: FCB) and received Synovus Financial Corp. (NYSE: SNV) shares as a result of the takeover, might have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
On July 24, 2018, Synovus Financial Corp. (NYSE: SNV) and FCB Financial Holdings, Inc. (NYSE: FCB) jointly announced their entry into a merger agreement under which Synovus will acquire FCB Financial Holdings, Inc., owner of Florida Community Bank (FCB), Florida's largest community bank. Under the terms of the merger agreement, FCB shareholders were to receive a fixed ratio of 1.055 shares of Synovus common stock for each common share of FCB in an all-stock transaction. Based on Synovus' closing share price on July 23, 2018, the transaction was valued at $58.15 per FCB share or $2.9 billion in aggregate.
In October 2018, a lawsuit was filed in connection with the takeover of FCB Financial Holdings, Inc. by Synovus Financial Corp. The plaintiff alleged that the joint proxy statement/prospectus filed with the SEC in connection with the takeover, which recommended that FCB stockholders vote in favor of the Proposed Transaction, omitted or misrepresented material information concerning, among other things, that the Company's and Synovus' financial projections, relied upon by FCB's financial advisors in their financial analyses, that the valuation analyses prepared by the financial advisors in connection with the rendering of their fairness opinions, that the background process leading to the Proposed Transaction, and that FCB insiders' potential conflicts of interest. The plaintiff claimed that the failure to adequately disclose such material information constituted a violation of Sections 14(a) and 20(a) of the Exchange Act as FCB stockholders needed such information in order to cast a fully-informed vote in connection with the Proposed Transaction. In December 2018 the case was voluntarily dismissed.
Those who held shares of FCB Financial Holdings, Inc. (NYSE: FCB) and received Synovus Financial Corp. (NYSE: SNV) shares as a result of the takeover might have still certain options and should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: The Shareholders Foundation, Inc.