NEW YORK, June 11, 2014 /PRNewswire/-- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of First Citizens Bancorporation, Inc. (Pink Sheets: FCBN) concerning the proposed acquisition of the Company by First Citizens BancShares, Inc. (the "Acquirer").
Under the terms of the transaction, the Acquirer will purchase First Citizens Bancorporation, Inc. in a transaction valued between $636 and $676 million. First Citizens Bancorporation, Inc. shareholders will receive 4 shares of the Acquirer's Class A common stock and $50 cash for each share of First Citizens Bancorporation, Inc. owned. However, First Citizens Bancorporation, Inc. shareholders may elect instead to receive 3.58 shares of Acquirer's Class A common stock and 0.42 shares of Class B common stock for each share of First Citizens Bancorporation, Inc. owned.
Our investigation concerns whether the First Citizens Bancorporation, Inc. board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company unit holders.
If you own First Citizens Bancorporation, Inc. shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Benjamin I. Sachs-Michaels, Esq.
Robert I. Harwood, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP