NEW YORK, Aug. 19, 2015 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Southcoast Financial Corp. ("Southcoast" or the "Company") (NASDAQ: SOCB) for potential breaches of fiduciary duties in connection with the sale of the Company to BNC Bancorp for approximately $95.5 million.
The Company's stockholders will only receive a fixed price of $13.35 for each share of Southcoast common stock, payable in shares of BNC common stock based upon the 20-day volume weighted average price of BNC common stock prior to the closing of the merger. However, the offer represents a negligible premium compared to the Company's opening price on August 17, 2015 and is below at least one analyst target price of $18.18 per share.
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The investigation focuses on whether Southcoast's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Southcoast's shareholders.
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If you own common stock in Southcoast and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/SOCB or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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