FCB - WeissLaw LLP Investigates FCB Financial Holdings Inc. Acquisition
NEW YORK, Aug. 7, 2018 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of FCB Financial Holdings, Inc. ("FCB" or the "Company") (NYSE: FCB) in connection with the proposed acquisition of the Company by Synovus Financial Corp. ("SNV") ("NYSE: SNV). Under the terms of the merger agreement, FCB shareholders will receive 1.055 shares of SNV for each FCB share they own. This represents consideration of $52.35 per share, based on SNV's August 6 trading price of price of $49.62.
WeissLaw is investigating whether FCB's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $63.00, or nearly $11.00 above the per-share consideration. Shortly after the acquisition announcement, analysts from both Gabelli & Company and Deutsche Bank downgraded FCB from "BUY" to "HOLD."
The acquisition will elevate SNV's growth profile and deepen its presence in the high growth Florida markets, thus propelling SNV into leadership position as a regional community bank, with an estimated $36 billion in deposits and $44 billion in assets on a pro forma basis.
Moreover, the Company recently announced positive financial results, reporting annual improvements of 23 basis points in non-performing assets ratio and a 12.3% increase year-over-year increase in total revenue.
Finally, upon completion of the transaction, SNV shareholders will hold a meager 30% of the combined company.
Given these facts, WeissLaw is investigating whether FCB's shareholders will obtain their fair and proportionate share of the Company's continued success and growth prospects. If you own FCB 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 stockinfo@weisslawllp.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 stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/fcb-financial-holdings-inc/
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SOURCE WeissLaw LLP