Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of West Cost Bancorp (“West Coast”) (Nasdaq: WCBO) related to a proposed merger with Columbia Banking System, Inc. in a transaction valued at approximately $506 million. Under the terms of the proposed transaction, West Coast shareholders can elect, subject to allocation procedures, to receive either Columbia common stock, cash or a combination of both for each share of West Coast stock owned. The value received by West Coast shareholders on a per share basis will fluctuate, but based upon the previous day’s closing price, West Coast shareholders would only receive approximately $23.10 per share. Notably, this estimate price is below at least one analyst’s estimated value of $24.00 per share.
If you are an affected investor, and you 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 firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The West Coast Bancorp proposed merger investigation centers on whether West Coast shareholders are receiving adequate compensation for their shares in the merger, whether the transaction undervalues West Coast stock, and whether West Coast’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. According to Yahoo! Finance, at least one analyst has estimated that the true inherent value of West Coast stock could be as high as $24.00 per share. “Due to the nature of the transaction and other factors, we believe that the transaction may undervalue West Coast stock. Our lawsuit will seek to obtain the highest share price for all shareholders,” said shareholder rights attorney Willie Briscoe.