MILWAUKEE, April 24, 2018 /PRNewswire/ -- Ademi &
O'Reilly, LLP is investigating the Board of Directors of Charter
Financial Corporation (NASDAQ: CHFN) for possible breaches of
fiduciary duty and other violations of Maryland law in connection with the sale of
Charter to CenterState Bank Corporation.
Click here to learn how to join the action:
http://ademilaw.com/case/charter or call Guri Ademi toll-free at 866-264-3995. There is
no cost or obligation to you.
Ademi & O'Reilly, LLP alleges Charter's long-term financial
outlook is improving and yet Charter shareholders will receive only
0.738 of a share of CenterState common stock and $2.30 in cash consideration for each outstanding
share of Charter common stock. Based on CenterState's stock price
of $27.72 as of April 24, 2018, this equates to a per share value
of $22.76. CenterState is well
aware of Charter's improving financial metrics and is purchasing
Charter at a substantial discount. The merger agreement
unreasonably limits competing bids for Charter by (i) prohibiting
solicitation of any further bids, and (ii) imposing a termination
penalty should Charter receive and accept a superior bid. Charter
insiders, their affiliates and other major shareholders own
significant voting stock, and will receive millions of dollars as
part of change of control arrangements, and therefore can unduly
influence a sale of Charter. Our investigation centers on the
conduct of Charter's Board of Directors, who have unanimously
approved the transaction, and whether they are (i) fulfilling their
fiduciary duties to all shareholders, and (ii) obtaining a fair and
reasonable price for Charter given its current financial condition
and prospects.
If you own common stock in Charter and wish to obtain additional
information, please contact Guri
Ademi either at gademi@ademilaw.com or toll-free:
866-264-3995, or http://ademilaw.com/case/charter.
We specialize in shareholder litigation involving buyouts,
mergers, and individual shareholder rights throughout the country.
For more information, please feel free to call us. Attorney
advertising. Prior results do not guarantee similar outcomes.
Contacts
Ademi & O'Reilly, LLP
Guri Ademi
Toll Free: (866) 264-3995
Fax: (414) 482-8001
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SOURCE Ademi & O'Reilly, LLP