This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Piedmont Community Bank Holdings, Inc. Commences Tender Offer For Shares Of Crescent Financial Corporation Common Stock

Stocks in this article: CRFN

RALEIGH, N.C. and CARY, N.C., Nov. 8, 2011 /PRNewswire/ -- Piedmont Community Bank Holdings, Inc. (" Piedmont ") and Crescent Financial Corporation (NASDAQ: CRFN) (" Crescent") announced today that Piedmont has commenced the previously-announced tender offer for up to 6,442,105 shares of common stock of Crescent for $4.75 per share in cash, without interest and less applicable withholding taxes.

On February 23, 2011, Crescent and Piedmont announced that they had entered into an Investment Agreement (the " Agreement"), pursuant to which Piedmont would invest $75 million in Crescent (the " Investment") and make a partial tender offer for additional shares of Crescent common stock. After consummation of the Investment, Piedmont will beneficially own approximately 66% of the outstanding shares of Crescent common stock on a fully diluted basis.  If the tender offer is fully subscribed and completed, Piedmont would beneficially own approximately 89% of the outstanding shares of Crescent common stock.

Piedmont's purchase of Crescent common stock in the tender offer is intended to increase the percentage of Crescent shares that Piedmont will own after the consummation of the Investment, as well as to provide liquidity to Crescent's existing shareholders.  

After careful consideration, the Crescent board of directors has recommended that the shareholders of Crescent common stock accept the tender offer and tender their shares in the tender offer.

Today Piedmont is filing with the Securities and Exchange Commission (the " SEC") a tender offer statement on Schedule TO, including an offer to purchase and related letter of transmittal, setting forth in detail the terms and conditions of the tender offer. Additionally, today Crescent is filing with the SEC a solicitation/recommendation statement on Schedule 14D-9 setting forth in detail, among other things, the recommendation of Crescent's board of directors that shareholders of Crescent accept the tender offer and tender their shares in the offer.

The completion of the tender offer is subject to certain conditions, including, among others, the consummation of the Investment and certain regulatory approvals remaining in full force and effect. The tender offer is not conditioned on the tender of any minimum number of shares or the receipt of financing.  

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs