Briscoe Law Firm and Powers Taylor, LLP Investigate Sale to First Merchants Corporation

LawFuel.com – Former United States Securities and Exchange Commission attorney Willie Briscoe  and the securities litigation firm of Powers Taylor LLP  are investigating the sale of CFS Bancorp, Inc. (“CFS”) (NasdaqGM: CITZ) to First Merchants Corporation.

 

Under the terms of the sale valued at approximately $114.7 million, CFS shareholders will receive 0.65 shares of First Merchants Corporation stock for each share of CFS stock owned, representing an approximate value of $10.49 per share, which is well below one analyst’s estimated value of $15.11 per share.

If you are an affected investor, and you want to learn more about the lawsuit or join the action, please contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, via email at WBriscoe@TheBriscoeLawFirm.com or Zach Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at zach@powerstaylor.com. There is no cost or fee to you.

The CFS sale investigation centers on whether CFS’s shareholders are receiving adequate compensation for their shares in the proposed deal, whether the transaction undervalues CFS’s stock, and whether CFS’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Notably, according to Yahoo! Finance, at least one analyst estimates that the true inherent value of CFS shares could be as high as $15.11 per share. According to shareholder rights attorney Willie Briscoe, “Due to the nature of a stock for stock deal, the size of the deal, the lack of a significant premium and other factors, we believe this transaction may undervalue CFS’s stock. Our proposed lawsuit will seek to obtain the highest share price for all shareholders.”

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

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