NEW YORK, Dec. 9, 2016 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Cascade Bancorp
("CACB" or the "Company") in connection with the proposed
acquisition of the Company by First Interstate BancSystem Inc.
("FIBK"). On November 17, 2016,
CACB announced it had reached a definitive agreement for FIBK to
acquire all outstanding shares of CACB in a cash-and-stock
transaction valued at $589
million. Under the terms of the agreement, CACB
shareholders will receive 0.14864 of a FIBK class A share and
$1.91 in cash for each CACB share
owned.
WeissLaw is investigating whether CACB's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the Company recently announced positive financial results,
reporting double-digit revenue and loan growth for the third
quarter of 2016. Additionally, it reported net interest
income of $23.8 million, gross loans
of $2.1 billion, and total deposits
of $2.7 billion, up $1.6 million, $158.7
million, and 185.1 million, respectively, from the previous
period. Shareholder's equity also increased to $367 million. Moreover, in a conference
call following the acquisition announcement, FIBK's Chief Financial
Officer estimated the transaction would "increase earnings per
share by 10% per year." Finally, upon completion of the
transaction, CACB shareholders will own a mere 20% the newly
combined company.
Given these facts, WeissLaw is investigating the Board of
Directors' decision to sell CACB and whether CACB shareholders will
obtain their fair and proportionate share of the Company's
continued success and future growth prospects. If you own
CACB shares and would like more information about your rights or
our investigation, or if you have information to share with us,
please contact Joshua Rubin by
telephone at (888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the
form on our website,
http://www.weisslawllp.com/cascade-bancorp/
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SOURCE WeissLaw LLP