NEW YORK, April 22, 2021 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Colony Bancorp, Inc. ("Colony" or the "Company") (NASDAQ: CBAN) in connection with the proposed acquisition of the Company by SouthCrest Financial Group ("SouthCrest"). Under the terms of the merger agreement, each SouthCrest shareholder will have the right to elect to receive either $10.45 in cash or 0.7318 shares of Colony's common stock in exchange for each share of SouthCrest common or preferred stock, subject to customary proration and allocation procedures such that approximately 27.5% of SouthCrest shares will be converted to cash consideration and the remaining 72.5% of SouthCrest shares will be converted to Colony common stock. The transaction is valued at $84.0 million.
If you own Colony shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact: Joshua Rubin, Esq. WeissLaw LLP 1500 Broadway, 16th Floor New York, NY 10036 (212) 682-3025 (888) 593-4771 [email protected]
WeissLaw LLP is investigating whether Colony's board acted in the best interest of Colony's public shareholders in agreeing to the proposed transaction, whether the per-share merger consideration adequately compensates Colony's shareholders, and whether all information regarding the process undertaken by the board and the valuation of the transaction will be fully and fairly disclosed to Colony's public shareholders.
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 protected].