DALLAS, March 6, 2012 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Encore Bancshares, Inc. ("Encore Bancshares") (NASDAQ: EBTX) to Cadence Bancorp, LLC for shareholders. Under the proposed going private transaction, Encore Bancshares shareholders will receive $20.62 in cash for each share of Encore Bancshares/EBTX stock owned.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected]. There is no cost or fee to you.
The definitive merger agreement involves an all cash transaction with a total equity value of approximately $250 million. The deal is expected to close in the second half of 2012.
The investigation centers on whether Encore Bancshares shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Encore Bancshares stock, and whether Encore Bancshares's board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Although the acquisition price represents an approximate 38% premium over the closing price of Encore Bancshares shares the day prior to the buyout announcement, Encore Bancshares shares closed as high as $15.17 per share as recently as March 1, 2012.
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.