MILWAUKEE, Oct. 20, 2021 /PRNewswire/ -- Ademi LLP is investigating TriState Capital (Nasdaq: TSC), for possible breaches of fiduciary duty and other violations of law in its transaction with Raymond James.
Ademi LLP alleges TriState Capital's financial outlook and prospects are excellent and yet TriState Capital shareholders will receive only $6.00 cash and 0.25 Raymond James shares for each share of TriState Capital common stock, which represents per share consideration of $31.09 based on the closing price of Raymond James common stock on October 19, 2021. The merger agreement unreasonably limits competing bids for TriState Capital by prohibiting solicitation of further bids, and imposing a significant penalty if TriState Capital accepts a superior bid. TriState Capital insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of TriState Capital's board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for TriState Capital.
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