SHAREHOLDER ALERT: Brower Piven Launches An Investigation Into The Proposed Sale Of Heritage Financial Group, Inc. And Encour...
December 16 2014 - 4:33PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by the Board of Directors of Heritage Financial Group, Inc.
(“Heritage” or the “Company”) (Nasdaq: HBOS) relating to the
proposed buyout of the Company by Renasant Corporation
(“Renasant”).
On December 10, 2014, Heritage and Renasant announced the
signing of a definitive merger agreement pursuant to which Renasant
will acquire Heritage in a transaction valued at approximately $258
million. Under the terms of the proposed transaction, Heritage
shareholders are expected to receive 0.9266 shares of Renasant
common stock for each share of Heritage they own. This equates to
approximately $27.00 per Heritage share based on Renasant’s 20-day
average closing price as of December 9, 2014. The transaction is
expected to close in the third quarter of 2015, though Heritage
shareholders will most likely be asked to vote on the transaction
well before that time.
The firm’s investigation seeks to determine, among other things,
whether the Company’s Board of Directors failed to satisfy their
duties to shareholders, including whether the Board adequately
pursued alternatives to the acquisition and whether the Board
obtained the best price possible for the Company’s shares of common
stock.
If you currently own common stock of Heritage and would like to
learn more about the investigation being conducted by Brower Piven,
without cost or obligation to you, please visit our website at
http://www.browerpiven.com/currentinvestigations.html. You may also
request more information by contacting Brower Piven either by email
at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s.
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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