NEW YORK, Feb. 7, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of BNC Bancorp ("BNCN" or the "Company") in connection with the proposed merger of the Company with Pinnacle Financial Partners, Inc. ("Pinnacle"). Under the terms of the agreement, BNCN shareholders will receive 0.5235 of a share of Pinnacle for each share they own, representing consideration of $37.50 based on Pinnacle's 20-day trailing average price as of January 20, 2017.
WeissLaw is investigating whether BNCN's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $40.00 per share, or $2.50 above the consideration. Additionally the Company recently announced record financial results, reporting double digit percentage growth of 40.2% and 14.1% in annual operating earnings and tangible book value respectively. BNCN also announced a 13% increase in transactional deposits and a 13.4% increase in total shareholder's equity in the quarter ended December 31, 2016. Finally, the acquisition is a strategic transaction that will expand Pinnacle from the four urban markets in which it currently operates to include BNCN's seven markets, increasing Pinnacle's presence in three states.
Given these facts, WeissLaw is investigating the Board of Directors' decision to sell BNCN and whether BNCN shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own BNCN shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/bnc-bancorp/
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/weisslaw-llp-bnc-bancorp-acquisition-may-not-be-in-the-best-interests-of-bncn-shareholders-300403763.html
SOURCE WeissLaw LLP