DALLAS, Jan. 26, 2012 /PRNewswire/ -- Former United
States Securities and Exchange Commission attorney Willie Briscoe
and the securities litigation firm of Powers Taylor, LLP are
investigating the sale of VIST Financial Corp ("VIST Financial")
(NASDAQ: VIST) to Tompkins Financial Corporation for
shareholders. Under the proposed merger acquisition, VIST
Financial shareholders will receive a fixed ratio of 0.3127 shares
of Tompkins Financial common stock for each share of VIST Financial
common stock held. Based on the closing price of Tompkins
Financial shares the day prior to the announcement, the acquisition
price represents a value of approximately $12.82 per share to VIST Financial
shareholders.
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If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or
Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to
you.
The definitive acquisition agreement involves a stock-for-stock
transaction with a total enterprise value of approximately
$86.0 million.
Although the acquisition price represents a premium over VIST
Financial's closing price the day before the buyout announcement,
VIST Financial/ shares closed as high as $9.23 per share as recently as March 16, 2011. Further, since reaching its
52-week trading high of $10.00 per
share in March, the value of VIST Financial shares declined
substantially. "Because this transaction comes at a time when
VIST shares have fallen significantly in value, we are concerned
that the transaction does not provide adequate value to the
shareholders," said shareholder rights attorney Willie Briscoe. The investigation centers
on whether VIST Financial shareholders are receiving adequate
compensation for their shares in the buyout, whether the
transaction undervalues VIST Financial's stock, and whether VIST
Financial's board attempted to obtain the highest share price for
all shareholders prior to agreeing to the deal.
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP