Newman Ferrara LLP has begun an investigation into potential claims against the Board of Directors of Camco Financial Corporation (“Camco”) (Nasdaq: CAFI) concerning its proposed merger agreement with Huntington Bancshares Inc. (Nasdaq: HBAN).
Camco has entered into an agreement and plan of merger to be acquired by Huntington Bancshares in a cash and stock transaction valued at approximately $97 million. Pursuant to the merger agreement, Camco shareholders will receive either $6.00 in cash or 0.7264 shares of Huntington common stock for each share of Camco common stock owned. However, the merger agreement provides for a targeted aggregate split of the deal’s total consideration for only 20% of the consideration given to Camco shareholders to be in the form of cash.
Newman Ferrara’s investigation concerns whether Camco’s Board of Directors has breached its fiduciary duties to act in the best interests of Camco shareholders. The investigation focuses on the potential unfairness of the consideration being provided to Camco shareholders and the process by which Camco’s Board of Directors approved the proposed deal.
Concerned investors may contact Newman Ferrara attorney Roy Shimon at firstname.lastname@example.org or (212) 619-5400 to discuss this investigation, their rights, or potential remedies.Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.