This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Western Alliance Bancorporation And Western Liberty Bancorp Announce Filing Of Proxy Statement/Prospectus Supplement

Western Alliance Bancorporation (NYSE:WAL) and Western Liberty Bancorp (NASDAQ:WLBC), referred to herein as Western Alliance and Western Liberty, announced today the filing with the Securities and Exchange Commission, or the SEC, and the mailing to Western Liberty stockholders, of a supplement to the proxy statement/prospectus provided to stockholders in connection with the proposed merger of Western Liberty and Western Alliance. The merger is to be voted on by Western Liberty stockholders at a special meeting of Western Liberty stockholders scheduled for 10:00 am on October 17, 2012 at Western Liberty’s headquarters in Las Vegas.

The additional disclosures supplement the disclosure contained in the proxy statement/prospectus filed by Western Liberty and Western Alliance with the SEC on September 12, 2012 and mailed to Western Liberty stockholders, and should be read in conjunction with the disclosures contained in the proxy statement/prospectus, which in turn should be read in its entirety. A copy of the supplement is attached to this press release.

The supplement has been filed in connection with a proposed settlement of a putative class action lawsuit that was filed in the District Court of the State of Nevada, Clark County, on September 21, 2012 by plaintiff David Raul against Western Alliance, Western Liberty and the directors of Western Liberty. The action alleges, among other things, that Western Liberty’s board of directors breached its fiduciary duties in connection with the board of directors’ approval of the proposed merger and that Western Alliance aided and abetted such alleged breach of fiduciary duties. The plaintiff seeks injunctive relief preventing the merger, an order rescinding the proposed merger in the event it is not enjoined, and damages as a result of the alleged actions of the defendants, including attorneys’ and experts’ fees.

The defendants believe this lawsuit is without merit but in order to avoid the costs, risks and uncertainties inherent in litigation and to allow stockholders to vote on the proposal to adopt the merger agreement at the scheduled special meeting, counsel for Western Liberty, Western Alliance and the other defendants have entered into a memorandum of understanding with plaintiffs’ counsel to settle the action subject to court approval. The settlement requires Western Liberty and Western Alliance to provide certain additional disclosures set forth in the supplement to the proxy statement/prospectus, but will not affect the merger consideration to be received by Western Liberty stockholders or the timing of the special meeting of the Western Liberty stockholders scheduled for October 17, 2012. If the Nevada court approves the settlement, the action will be dismissed with prejudice.

1 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

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