SAN DIEGO, Dec. 13, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Heritage Oaks Bancorp (NASDAQ: HEOP) breached their fiduciary duties in connection with the proposed sale of the Company to Pacific Premier Bank.
On December 13, 2016, Heritage Oaks announced it had signed a definitive merger agreement with Pacific Premier Bank. Under the terms of the agreement, Pacific Premier will acquire Heritage Oaks in a stock transaction for total consideration of approximately $405.6 million, or $11.68 per share; based on a closing price for Pacific Premier's common stock of $33.65 as of December 12, 2016. The 52-week high for Heritage Oaks was $12.52.
The investigation concerns whether the Heritage Oaks' board failed to satisfy their duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Heritage Oaks stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration.
If you are a shareholder of Heritage Oaks and believe the proposed buyout price is too low and you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson & Weaver, LLP