Robbins Arroyo LLP: Acquisition of Anchor BanCorp Wisconsin Inc. (ABCW) by Old National Bancorp (ONB) May Not Be in Sharehold...
12 Janvier 2016 - 9:59PM
Business Wire
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160112006493/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003ddonahue@robbinsarroyo.comwww.robbinsarroyo.com
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