Former United States Securities and Exchange Commission attorney Willie Briscoe is investigating potential claims against the Board of Directors of BNC Bancorp (“BNC”) (NasdaqCM: BNCN) concerning the merger with Pinnacle Financial Partners, Inc. (NasdaqGS: PNFP). Under the terms of the agreement, valued at approximately $1.9 billion, BNC shareholders will only receive 0.5235 shares of Pinnacle common stock per BNC share held. Based on the 20-day trailing average closing before the deal was announced, the transaction is valued at approximately $35.70 per share. The consideration is virtually no premium over the 52-week high and lower than at least one analyst’s estimated value of $36.00 per share.
If you are an affected investor, and you want to learn more about the investigation or if you have information that you believe would be helpful to our investigation of the fairness of the proposed transaction, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at shareholders@thebriscoelawfirm.com or by calling (214) 643-6011. There is no cost or fee to you.
The investigation centers on whether BNC’s Board of Directors is acting in the shareholders’ best interests, whether the board is properly negotiating a higher share price for the shareholders, and whether the board has employed an adequate process to review and act on the proposed transaction. Notably, at least one analyst with Yahoo! Finance believes the true inherent value of BNC could be as high as $36.00 per share.
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters, including claims of investor and stockholder fraud, shareholder derivative suits, and securities class actions.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170123005881/en/
Contacts:
Willie Briscoe, 214-643-6011
shareholders@thebriscoelawfirm.com
