Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Citizens Republic Bancorp, Inc. (“CRBC”) (NASDAQ: CRBC) to FirstMerit Corporation for shareholders. The proposed Citizens Republic buyout transaction is a stock-for-stock deal whereby CRBC shareholders will receive 1.37 shares of FirstMerit common stock for each share of CRBC stock owned. Based upon FirstMerit’s closing price on September 12th, CRBC shareholders will only receive a value of approximately $22.50 per CRBC share. This all-stock deal is valued at approximately $912 million and is expected to close in the second quarter of 2013.
There is no cost or fee to you, so if you are an affected investor and want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com.
The Citizens Republic buyout investigation centers on whether CRBC shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues CRBC stock, and whether CRBC’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. “Because this is a stock-for-stock transaction and other factors, we want to ensure that the transaction is fair for shareholders and does not undervalue CRBC stock. Our lawsuit will seek to obtain the highest possible share price for all shareholders,” said shareholder rights attorney Willie Briscoe.
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 and transactional matters.Powers Taylor, LLP is a boutique Dallas litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.