NEW YORK, Feb. 1, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of FirstMerit Corporation ("FirstMerit" or the "Company") (NasdaqGS: FMER) for potential breaches of fiduciary duties in connection with the sale of the Company to Huntington Bancshares Incorporated for approximately $3.4 billion.
The Company's stockholders will only receive $5.00 in cash and 1.72 shares of Huntington common stock for each share of Company common stock they own, or approximately $19.76 per share based on the closing price on January 29, 2016. However, this consideration is below at least one analyst's price target of $22.86 per share and FirstMerit's 52-week high of $21.49 per share.
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The investigation focuses on whether FirstMerit's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of FirstMerit's shareholders.
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If you own common stock in FirstMerit and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/FMER or contact Juan Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.
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