An investigation on behalf of investors in NASDAQ:XBKS shares in connection with the proposed takeover was announced and NASDAQ:XBKS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/02/2016 -- An investigation for shareholders of Xenith Bankshares Inc (NASDAQ:XBKS), was announced concerning whether buyout of Xenith Bankshares Inc. by Hampton Roads Bankshares for a value of approximately $7.87 per share is unfair.
On February 10, 2016 Hampton Roads Bankshares, Inc., the holding company for the Bank of Hampton Roads, and Xenith Bankshares Inc, the holding company for Xenith Bank, jointly announced that they have reached an agreement to merge
Investors who purchased shares of Xenith Bankshares Inc (NASDAQ:XBKS) and currently hold any of those NASDAQ:XBKS 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 Xenith Bankshares Inc breached their fiduciary duties owed to NASDAQ:XBKS investors in connection with the proposed acquisition.
Under the terms of the agreement, Xenith shareholders will receive 4.4 shares of Hampton Roads Bankshares, Inc common stock for each share of Xenith Bankshares Inc (NASDAQ:XBKS) common stock. Based on the closing price of $1.79 per Hampton Roads Bankshares, Inc's common stock on February 10, 2016, NASDAQ:XBKS shareholders will receive a value of approximately $7.87 per share.
However, given that at least one analyst has srt the high target price for NASDAQ:XBKS shares at $8.00 per share, the investigation concerns whether the offer is unfair to NASDAQ:XBKS stockholders. More specifically, the investigation concerns whether the Xenith Bankshares 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 February 17, 2016, NASDAQ:XBKS shares closed at $7.23 per share.
Those who are current investors in Xenith Bankshares Inc (NASDAQ:XBKS) 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