BALA CYNWYD, PA / ACCESSWIRE / April 27, 2021 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of First Choice Bancorp ("FCB" or the "Company") (NASDAQ:FCBP) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the agreement to be acquired by Enterprise Financial Services Corp (Nasdaq - EFSC) ("Enterprise"). Under the terms of the merger agreement, each holder of FCB common stock will receive 0.6603 shares of Enterprise common stock for each FCB common share held and cash in lieu of fractional shares, implying a per share price of $33.40 per FCB share, based on the closing price of Enterprise's common stock on April 23, 2021. Existing Enterprise shareholders will own approximately 80% of the outstanding shares of the combined company, and FCB shareholders are expected to own approximately 20%.
The investigation concerns whether the FCB Board breached its fiduciary duties to shareholders by failing to conduct a fair process and whether Enterprise is paying too little for the Company.
If you own shares of FCB stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, visit https://www.brodskysmith.com/cases/first-choice-bancorp-nasdaq-fcbp/, or call toll free 855-576-4847.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Brodsky & Smith, LLC