SAN DIEGO, June 18, 2018 /PRNewswire/ -- Shareholder rights
law firm Johnson Fistel, LLP has launched an investigation into
whether the board members of CoBiz Financial Inc. (NASDAQ: COBZ)
("CoBiz") breached their fiduciary duties in connection with the
proposed sale of the Company to BOK Financial Corporation (NASDAQ:
BOKF) ("BOK"). CoBiz provides various financial products and
services in the United States.
On June 18, 2018, CoBiz announced
that it had signed a definitive merger agreement with BOK. Under
the terms of the agreement, CoBiz shareholders will receive
$5.70 in cash and 0.17 shares of BOK
common stock for each CoBiz share. The merger consideration is
valued at $23.02 per share, based on
the closing price of BOK Financial on June
15, 2018. However, shareholders will be subject to the
future price fluctuation of BOK's stock price.
The investigation concerns whether the CoBiz 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 CoBiz shares
of common stock. Nationally recognized Johnson Fistel is investigating whether the
proposed deal price represents adequate consideration, especially
given Wall Street analysts' projections for CoBiz future
earnings and revenue growth.
If you are a shareholder of CoBiz 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.
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