(TCBI) Alert: Johnson Fistel Investigates Proposed Sale of Texas Capital Bancshares, Inc.; Are Shareholders Getting a Fair Deal?
SAN DIEGO, Dec. 9, 2019 /PRNewswire/ --
Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Texas Capital Bancshares, Inc. (NASDAQ: TCBI) ("Texas Capital") breached their fiduciary duties in connection with the proposed sale of the Company to Independent Bank Group, Inc. ("Independent Bank").
On December 9, 2019, Texas Capital announced that it had signed a definitive merger agreement with Independent Bank. Under the terms of the merger agreement, Texas Capital shareholders will receive 1.0311 shares of Independent Bank for each Texas Capital share they own. Based on Independent Bank's closing stock price on December 6, 2019, the implied cash and stock consideration to be received by Texas Capital stockholders is $61.10 per share.
Texas Capital shareholders will be subject to the future price fluctuation of Independent Bank 's stock price.
The investigation concerns whether the Texas Capital 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 Texas Capital shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given one Wall Street analyst has a $66.00 price target on the stock. The 52-week high for Texas Capital was $66.61.
If you are a shareholder of Texas Capital 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.
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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 https://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
