The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Encore Bancshares, Inc. (“Encore”) (NASDAQ: EBTX) and other violations of state law by the board of directors of Encore relating to the proposed acquisition of the company by Cadence Bancorp, LLC (“Cadence”). The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value. On March 6, 2012, Cadence announced that it had entered into a definitive agreement providing for Cadence to acquire Encore for $250 million. Under the terms of the merger agreement, Encore shareholders will receive $20.62 for each share of Encore common stock held. If you currently own shares of Encore and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at firstname.lastname@example.org, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.
Shares of Encore (Nasdaq:EBTX) have taken a tremendous swing upward. The stock is trading at $20.29 as of 9:50 a.m. ET, 36.1% above Monday's closing price of $14.91. Volume is at 21,672, 1.5 times the daily average of 14,400.