NEW YORK, Aug. 7, 2018 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of FCB Financial
Holdings, Inc. ("FCB" or the "Company") (NYSE: FCB) in connection
with the proposed acquisition of the Company by Synovus Financial
Corp. ("SNV") ("NYSE: SNV). Under the terms of the merger
agreement, FCB shareholders will receive 1.055 shares of SNV for
each FCB share they own. This represents consideration of
$52.35 per share, based on SNV's
August 6 trading price of price of
$49.62.
WeissLaw is investigating whether FCB's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of $63.00, or nearly $11.00 above the per-share consideration.
Shortly after the acquisition announcement, analysts from both
Gabelli & Company and Deutsche Bank downgraded FCB from "BUY"
to "HOLD."
The acquisition will elevate SNV's growth profile and deepen its
presence in the high growth Florida markets, thus propelling SNV into
leadership position as a regional community bank, with an estimated
$36 billion in deposits and
$44 billion in assets on a pro forma
basis.
Moreover, the Company recently announced positive financial
results, reporting annual improvements of 23 basis points in
non-performing assets ratio and a 12.3% increase year-over-year
increase in total revenue.
Finally, upon completion of the transaction, SNV shareholders
will hold a meager 30% of the combined company.
Given these facts, WeissLaw is investigating whether FCB's
shareholders will obtain their fair and proportionate share of the
Company's continued success and growth prospects. If you own
FCB shares and would like more information about your rights or our
investigation, or if you have information to share with us, please
contact Joshua Rubin by
telephone at (888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/fcb-financial-holdings-inc/
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SOURCE WeissLaw LLP