NEW YORK, Oct. 24, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Washington Banking Company ("Washington Banking" or the "Company") (NASDAQ: WBCO) (ISIN: US9373031056) (CUSIP: 937303105) concerning the proposed acquisition of Washington Banking by Heritage Financial Corporation ("Heritage").
The investigation concerns whether the Washington Banking directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the merger agreement, Washington Banking shareholders will receive 0.89000 shares of Heritage common stock and $2.75 in cash for each share of Washington Banking common stock. Based on the closing price of Heritage common stock of $15.89 on October 23, 2013, the consideration value per share for Washington Banking was $16.89. However, the price to EBIT, Book Value, and Revenues multiples are below the averages of comparable transactions.
Washington Banking shareholders seeking more information about this acquisition are advised to contact Robert Willoughby at email@example.com or 212-661-1100 or 888-476-6529, ext. 237.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
CONTACT: Robert Willoughby Pomerantz Grossman Hufford Dahlstrom & Gross LLP 212-661-1100 ext. 237 firstname.lastname@example.org
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP