WILMINGTON, Del., April 23, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you own shares of Palmetto Bancshares, Inc. (NASDAQ CM: PLMT)?
- Did you purchase any of your shares prior to April 22, 2015?
- Do you think the proposed buyout value is too low?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Palmetto Bancshares, Inc. ("Palmetto" or the "Company") (NASDAQ CM: PLMT) regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by United Community Banks, Inc. ("United") (NASDAQ GS: UCBI).
Click here to learn more: http://www.rigrodskylong.com/investigations/palmetto-bancshares-inc-plmt.
Under the terms of the agreement, shareholders of Palmetto have the right to receive $19.25 in cash or 0.97 shares of United common stock, or any combination thereof, for each share of Palmetto common stock. Based on United's ten-day average closing price of $18.78 per share as of April 21, 2015, the weighted-average price per Palmetto share is $18.53, and the aggregate deal value is approximately $240.5 million.
The investigation concerns whether Palmetto's board of directors failed to adequately shop the Company and obtain the best possible value for Palmetto's shareholders before entering into an agreement with United. According to Yahoo! Finance, at least one analyst has issued a price target for Palmetto stock at $19.50 per share.
If you own the common stock of Palmetto and purchased your shares before April 22, 2015, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242; by e-mail to [email protected], or at: http://www.rigrodskylong.com/investigations/palmetto-bancshares-inc-plmt.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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