WeissLaw LLP: Paragon Commercial Corporation Acquisition May Not Be in the Best Interests of PBNC Shareholders
Towne Bank (TOWN)
Last towne bank earnings: 4/27 08:30 am
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Source: PR Newswire
NEW YORK, April 27, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Paragon Commercial Corporation ("PBNC" or the "Company") in connection with the proposed acquisition of the Company by TowneBank ("TOWN"). Under the terms of the agreement, the Company's shareholders will receive 1.725 shares of TOWN for each share of PBNC they own, representing consideration of $59.29 based on TOWN's April 26 closing price. WeissLaw is investigating whether PBNC's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the deal will position TOWN as an industry leader; according the acquisition announcement, TOWN "will possess the second largest market share among community banks operating in the demographically attractive Raleigh, North Carolina MSA." Additionally, PBNC has consistently announced double digit growth, reporting recently year-over-year increases in net
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