SAN DIEGO, July 24, 2018 /PRNewswire/ -- Shareholder
rights law firm Johnson Fistel, LLP has launched an investigation
into whether the board members of FCB Financial Holdings, Inc.
("FCB Financial") (NYSE: FCB) breached their fiduciary duties in
connection with the proposed sale of the Company to Synovus
Financial Corp ("Synovus") (NYSE: SNV). FCB Financial provides
various financial products and services to individuals, small and
medium-sized businesses, large businesses, and other local
organizations and entities in south and central Florida.
On July 24, 2018, FCB Financial
announced that it had signed a definitive merger agreement with
Synovus. Under the terms of the merger agreement, FCB Financial
shareholders will receive a fixed ratio of 1.055 shares of Synovus
common stock for each common share of FCB Financial in an all-stock
transaction. Based on Synovus' closing share price on July 23, 2018, the transaction is valued at
$58.15 per FCB Financial share.
However, shareholders will be subject to the future price
fluctuation of Synovus' stock price.
The investigation concerns whether the FCB Financial board
failed to satisfy its duties to the Company shareholders, including
whether the board adequately pursued alternatives to the
acquisition and whether the board obtained the best price possible
for FCB Financial shares of common stock. Nationally recognized
Johnson Fistel is investigating
whether the proposed deal represents adequate consideration,
especially given Wall Street analysts' projections for FCB
Financial's future earnings and revenue growth. Additionally, one
Wall Street analyst has a $67.00
price target on the stock.
If you are a shareholder of FCB Financial and believe the
proposed buyout price is too low or you're interested in learning
more about the investigation or your legal rights and remedies,
please contact lead analyst Jim
Baker (jimb@johnsonfistel.com) at 619-814-4471. If
emailing, please include a phone number. Additionally, you can
[click here to join this action].There is no cost or
obligation to you.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonfistel.com. Attorney advertising. Past results do
not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP