Press release
Investigation announced for Investors of Spirit of Texas Bancshares, Inc. (NASDAQ: STXB) over Takeover
An investigation on behalf of investors of Spirit of Texas Bancshares, Inc. (NASDAQ: STXB).
Investors who purchased shares of Spirit of Texas Bancshares, Inc. (NASDAQ: STXB) and currently hold any of those NASDAQ: STXB 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 Spirit of Texas Bancshares, Inc. breached their fiduciary duties owed to NASDAQ: STXB investors in connection with the proposed acquisition.
Conroe, TX based Spirit of Texas Bancshares, Inc. operates as the holding company for Spirit of Texas Bank SSB that provides various commercial and retail banking services.
On November 19, 2021, Simmons First National Corporation (NASDAQ: SFNC) (“Simmons” or “Company”) and Spirit of Texas Bancshares, Inc. (NASDAQ: STXB) (“Spirit”) announced the execution of a merger agreement (the “Merger Agreement”) pursuant to which Simmons will acquire Spirit, and its wholly-owned subsidiary, Spirit of Texas Bank SSB (the “Proposed Transaction”), in a transaction consisting of a mixture of cash and Simmons’ common stock with an aggregate value of approximately $581 million, based on the Simmons’ closing stock price of $31.73 on November 17, 2021.
Under the terms and subject to the conditions of the Merger Agreement, shares of Spirit’s common stock and Spirit’s restricted stock units will be converted into the right to receive shares of Simmons’ common stock, and Spirit’s stock options and warrants will be cashed out.
However, given that at least one analyst has set the high price target for NASDAQ: STXB shares at $34.00 per share, the
investigation concerns whether the offer is unfair to NASDAQ: STXB stockholders. More specifically, the investigation concerns whether the Spirit of Texas Bancshares 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 December 1, 2021, shares of Spirit of Texas Bancshares, Inc. (NASDAQ: STXB) closed at $27.51 per share.
Those who are current investors in Spirit of Texas Bancshares, Inc. (NASDAQ: STXB) shares have certain options and should contact the Shareholders Foundation.
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 lawsuits, 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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