Shareholder rights attorneys at Robbins Arroyo LLP are investigating the proposed acquisition of Anchor BanCorp Wisconsin Inc. (Nasdaq: ABCW) by Old National Bancorp (Nasdaq: ONB). On January 12, 2016, the two companies announced the signing of a definitive merger agreement pursuant to which Old National will acquire Anchor BanCorp. Under the terms of the agreement, Anchor BanCorp shareholders will receive 3.5505 shares of Old National common stock or $48.50 in cash for each share of Anchor BanCorp common stock.

View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/anchor-bancorp-wisconsin-inc

Is the Proposed Acquisition Best for Anchor BanCorp and Its Shareholders?

Robbins Arroyo LLP's investigation focuses on whether the board of directors at Anchor BanCorp is undertaking a fair process to obtain maximum value and adequately compensate its shareholders.

As an initial matter, the $48.50 merger consideration represents a premium of only 10.5% based on Anchor BanCorp's one-month average closing price. This premium is significantly below the average one month premium of 36.4% for comparable transactions within the past three years. Further, the $48.50 merger consideration is below the target price of $50.00 set by an analyst at Sandler O'Neill on January 7, 2016.

On October 29, 2015, Anchor BanCorp reported strong earnings results for its third quarter 2015. Net income was $15.5 million for the quarter, an increase of 118% compared to the same period last year. Additionally, Anchor BanCorp has beat consensus analyst estimates for sales in the past four quarters and has beat consensus analyst estimates for adjusted net income and adjusted EPS in three of the past four quarters. In commenting on these results, Anchor BanCorp's President and Chief Executive Officer Chris Bauer remarked, “Following last quarter's excellent results, we are posting another quarter of strong financial performance. Our continued focus on loan quality improvement has warranted the reduction of our allowance for loan loss this quarter. While the reduction is significant, our loan loss reserve levels remain solid. This quarter's performance builds on over two years of profitable results and last quarter's reversal of substantially all of the deferred tax asset valuation allowance."

In light of these facts, Robbins Arroyo LLP is examining Anchor BanCorp's board of directors' decision to sell the company now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.

Anchor BanCorp shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information. Anchor BanCorp shareholders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.

Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The law firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.

Attorney Advertising. Past results do not guarantee a similar outcome.

Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free (800) 350-6003ddonahue@robbinsarroyo.comwww.robbinsarroyo.com

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