NEW YORK, May 5, 2017 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Capital Bank
Financial Corp. ("CBF" or the "Company") in connection with the
proposed merger of the Company with First Horizon National Corp.
("FHN"). Under the terms of the agreement, the Company's
shareholders will receive cash or stock with a value equivalent to
1.750 of a share of FHN and $7.90 for
each CBF share they own, representing consideration of $40.83 based on FHN's May
3 closing price.
WeissLaw is investigating whether CBF's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of $50.00 per share. Additionally, CBF
recently reported a remarkable 112% year-over-year growth in net
income, and a $167.4 million
sequential increase in total asset.
The acquisition is a strategic and financially attractive
transaction for FHN, a point emphasized by FHN's CFO when he
highlighted the four compelling benefits of the transaction, which
include:
- Enhancing FHN's footprint in the fast-growing Southeast
markets;
- Leveraging infrastructure investments and improving FHN's
competitive positioning;
- Strengthening FHN's business mix; and
- Accelerating FHN's growth.
Finally, upon closing CBR shareholders will own a meagre 29% of
the combined companies.
Given these facts, WeissLaw is investigating whether CBF
shareholders will obtain their fair and proportionate share of the
Company's continued success and future growth prospects. If
you own CBF 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/capital-bank-financial-corp/
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SOURCE WeissLaw LLP