NEW YORK, Aug. 24, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of National Penn Bancshares, Inc. ("NPBC" or the "Company") by BB&T Corporation ("BB&T") is the subject of an investigation by WeissLaw LLP, a national class action, shareholder rights law firm. The investigation focuses on possible breaches of fiduciary duty and other violations of law by the Board of Directors of NPBC. On August 17, 2015, the Company announced it had reached a definitive agreement for BB&T to acquire NPBC in a cash-and-stock transaction valued at approximately $1.8 billion. Under the terms of the agreement, NPBC shareholders can elect to receive $13.00 in cash or 0.3206 of a BB&T common share for each NPBC share they own.
WeissLaw is investigating whether NPBC's Board acted to maximize shareholder value. Notably, the offer price represents a mere 11% premium over the Company's recent trading price of 11.66.
Given these facts, WeissLaw is investigating the Board's decision to sell NPBC and whether NPBC shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own NPBC shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at email@example.com.
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 firstname.lastname@example.org or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP