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Investigation announced for Investors in CenterState Bank Corporation (NASDAQ: CSFL) over possible Wrongdoing in Acquisition

02-05-2020 10:25 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of investors of CenterState Bank Corporation (NASDAQ: CSFL) in connection with the proposed takeover.

An investigation on behalf of investors of CenterState Bank Corporation (NASDAQ: CSFL) in connection with the proposed takeover.

An investigation was announced concerning whether the takeover of CenterState Bank Corporation is unfair to NASDAQ: CSFL stockholders.

Investors who purchased shares of CenterState Bank Corporation (NASDAQ: CSFL) and currently hold any of those NASDAQ: CSFL shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain officers and directors of CenterState Bank Corporation breached their fiduciary duties owed to NASDAQ: CSFL investors in connection with the proposed acquisition.

On January 27, 2020, CenterState Bank Corporation (NASDAQ: CSFL) ("CenterState"), the parent company of CenterState Bank, and South State Corporation (NASDAQ: SSB) ("South State"), the parent company of South State Bank, jointly announced that they have entered into an agreement under which the companies will combine in an all-stock merger of equals with a total market value of approximately $6 billion to create a leading Southeastern-based regional bank. Under the terms of the merger agreement, which was unanimously approved by the Boards of Directors of both companies, CenterState shareholders will receive 0.3001 shares of South State common stock for each share of CenterState common stock they own. Based on a closing price of $85.52 per NASDAQ: SSB share on January 24, 2020, investors in NASDAQ: CSFL shares will receive a value of approximately $25.66 per share.

However, given that at least one analyst has set the high price target for NASDAQ: CSFL shares at $28.00 per share and given that NASDAQ:CSFL shares reached as high as $26.20 per share in November 2019, the investigation concerns whether the offer is unfair to NASDAQ: CSFL stockholders. More specifically, the investigation concerns whether the CenterState Bank 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.

CenterState Bank Corporation reported that its annual Total Revenue rose from $515.75 million in 2018 to $746.28 million in 2019 and that its Net Income increased from $156.31 million in 2017 to $227.8 million in 2018.

Shares of CenterState Bank Corporation (NASDAQ: CSFL) closed on January 31, 2020, at $22.65 per share.

Those who are current investors in CenterState Bank Corporation (NASDAQ: CSFL) shares have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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