SAN DIEGO and SANDPOINT, Idaho, July
24, 2014 /PRNewswire/ -- Shareholder rights attorneys
at Robbins Arroyo LLP are investigating the proposed acquisition of
Intermountain Community Bancorp (NASDAQ: IMCB) by Columbia Banking
System, Inc. (NASDAQ: COLB). On July
23, 2014, the two companies announced the signing of a
definitive agreement to merge the two companies. Under the
terms of the agreement, Intermountain shareholders will receive
$2.2930 in cash and 0.6426 shares of
Columbia common stock, for a total consideration of $18.22 per share. Following the closing of
the transaction, Intermountain shareholders will own approximately
7.4% of the combined company.
Is the Proposed Acquisition Best for Intermountain and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Intermountain is undertaking a fair process to
obtain maximum value and adequately compensate Intermountain
shareholders.
As an initial matter, the $18.22
merger consideration represents a premium of just 11.7% based on
Intermountain's closing price on July
23, 2014. This premium is significantly below the
median one-day premium of nearly 62% for comparable transactions in
the past five years. Further, on July
23, 2014, the same day as the merger announcement,
Intermountain released its financial results for the company's
second quarter 2014. For the quarter, Intermountain reported
that its net income applicable to common shareholders increased to
$1.3 million, or $0.19 per diluted share, from $1.0 million, or $0.16 per diluted share during the first quarter
of 2014. Intermountain also highlighted that its interest
income increased $426,000 compared to
the first quarter and asset yields grew to 3.95% compared to
3.81%. In addition, the company's nonperforming loans
decreased to $3.4 million compared to
$4.5 million and $4.8 million in the previous quarter and same
quarter 2013, respectively.
In light of these facts, Robbins Arroyo LLP is examining
Intermountain's board of directors' decision to merge the company
now rather than allow shareholders to continue to participate in
the company's continued success and future growth prospects.
Intermountain 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. Intermountain 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.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP