Acquisition of Tower Financial Corporation by Old National Bancorp May Be Detrimental to the Interests of Tower Financial Corporation Shareholders Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Tower Financial Corporation
NEW YORK, Sept. 26, 2013 /PRNewswire/ -- Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Tower Financial Corporation ("Tower Financial" or the "Company") (NasdaqGM: TOFC) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Old National Bancorp (NasdaqGS: ONB) in a cash and stock deal valued at approximately $108 million. Shareholders of Tower Financial will receive 1.20 shares of Old National Bancorp common stock and $6.75 in cash for each share of Tower Financial common stock they own.
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The investigation focuses on whether Tower Financial's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Tower Financial's shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
If you own common stock in Tower Financial and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/TOFC or contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.
Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
Toll Free: (877) 247-4292
Phone: (212) 983-9330
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