San Diego, CA -- (SBWire) -- 08/29/2017 --An investigation was announced for investors in NASDAQ:SBCP shares concerning whether the takeover of Sunshine Bancorp Inc. by CenterState Banks, Inc for a value of approximately $21.30 per share is unfair.
Investors who purchased shares of Sunshine Bancorp Inc (NASDAQ:SBCP) and currently hold any of those NASDAQ:SBCP shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain directors of Sunshine Bancorp Inc breached their fiduciary duties owed to NASDAQ:SBCP investors in connection with the proposed acquisition.
On August 14, 2017, CenterState Banks, Inc. (Nasdaq-GS: CSFL), the parent company of CenterState Bank, N.A., announced the concurrent signing of two separate definitive merger agreements: under one agreement, CenterState will acquire HCBF Holding Company, Inc. ("Harbor"), the parent company of Harbor Community Bank, Ft. Pierce Florida; and under the other agreement, CenterState will acquire Sunshine Bancorp, Inc. ("Sunshine"), the parent company of Sunshine Bank, Plant City, Florida.
Subject to the terms of the Sunshine Bancorp Inc (NASDAQ:SBCP) merger agreement, Sunshine Bancorp Inc (NASDAQ:SBCP) shareholders will receive 0.89 shares of CSFL common stock for each outstanding share of Sunshine. Based on CSFL's stock price of $23.93 as of August 11, 2017, this equates to a per share value of $21.30 per NASDAQ:SBCP share and an aggregate deal value of $176.7 million.
However, given that at least one analyst has set the high price target for NASDAQ:SBCP shares at $26.00 per share and given that NASDAQ:SBCP shares traded in the open market as high as $23.46 per share in May 2017, the investigation concerns whether the offer is unfair to NASDAQ:SBCP stockholders. More specifically, the investigation concerns whether the Sunshine Bancorp Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
On August 28, 2017, NASDAQ:SBCP shares closed at $21.65 per share.
Those who are current investors in Sunshine Bancorp Inc (NASDAQ:SBCP) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
NASDAQ:SBCP Investor Alert: Investigation over Buyout of Sunshine Bancorp Inc
An investigation on behalf of investors of Sunshine Bancorp Inc (NASDAQ:SBCP) in connection with the proposed takeover was announced and NASDAQ:SBCP stockholders should contact the Shareholders Foundation.