NEW YORK, Sept. 12, 2013 /PRNewswire/ -- Harwood Feffer LLP ( www.hfesq.com) is investigating potential claims against the board of directors of Sterling Financial Corp. ("Sterling" or the "Company") (NASDAQ: STSA) concerning the proposed acquisition of the Company by Umpqua Holdings Corp. ("Umpqua").
Under the terms of the proposed transaction, Sterling shareholders will receive 1.671 shares of Umpqua common stock and $2.18 in cash for each share of Sterling common stock. The value of the merger consideration as of September 11 is $30.52.
Sterling President and CEO Greg Seibly has secured a role at Umpqua as co-president, and other top level executives are expected to remain with the newly-combined entity as well. In addition, the primary shareholders of Sterling, Thomas H. Lee Partners and Warburg Pincus, each of which controls 20.8% of the Company's shares, have each leveraged their stakes and supported the transaction in exchange for the ability to designate a member of the board of director of the newly-formed company.Our investigation concerns whether the Sterling board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders. If you own Sterling shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact: Robert I. Harwood, Esq. Daniella Quitt, Esq. Peter W. Overs, Esq. Harwood Feffer LLP 488 Madison Avenue New York, New York 10022 Phone Numbers: (877) 935-7400 (212) 935-7400 Email: firstname.lastname@example.org email@example.com Website: http://www.hfesq.com Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website ( http://www.hfesq.com) for more information about the firm. Attorney Advertising © 2013 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP ( www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. SOURCE Harwood Feffer LLP