SAN DIEGO and CHARLESTON,
S.C., Feb. 22, 2013 /PRNewswire/
-- Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the acquisition of First Financial Holdings, Inc.
(NASDAQ: FFCH) by SCBT Financial Corporation (NASDAQ: SCBT). On
February 20, 2013, the two companies
jointly announced the signing of a definitive merger agreement
whereby shareholders of First Financial will receive 0.4237 shares
of SCBT common stock for each share of First Financial common
stock, which equates to $18.30 per
share based on SCBT's closing price of $43.18 on February
19, 2013. The transaction has been unanimously
approved by the board of directors at both companies and is
expected to close in the third quarter 2013.
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First Financial Shareholders Might Not Receive Maximum
Value for Their Stock
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at First Financial is undertaking a fair process to
obtain maximum value and adequately compensate its shareholders in
the merger or whether they are seeking to benefit themselves.
Under the terms of the agreement, SCBT will add five First
Financial board members to the combined company's board. R.
Wayne Hall, president and Chief
Executive Officer of First Financial, will be named president of
SCBT, and Paula Harper Bethea, the
current chair of First Financial, will assume the role of vice
chair of the board.
Is the Acquisition Best for First Financial and Its
Shareholders?
Further, First Financial released its fourth quarter 2012
earnings on January 24, 2013,
reflecting profits compared to net losses for 2011. In sum,
R. Wayne Hall stated "We have made
consistent progress over the year to grow fee income, leverage our
mortgage banking team, and expand our net interest margin.... We
are pleased with the earnings momentum we are building and the
potential to improve performance and enhance shareholder
value."
Given these facts, the firm is examining the board of directors'
decision to sell First Financial now rather than allow shareholders
to continue to participate in the company's continued success and
future growth prospects.
First Financial shareholders have the option to file a class
action lawsuit to secure the best possible price for shareholders
and the disclosure of material information so shareholders can vote
on the transaction in an informed manner. First Financial
shareholders interested in information about their rights and
potential remedies can contact Darnell R.
Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com, or
via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. For more information, please go to
http://www.robbinsarroyo.com.
Press release link:
http://www.robbinsarroyo.com/shareholders-rights-blog/first-financial-holdings-inc/
Attorney Advertising. Past results do not guarantee a similar
outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
SOURCE Robbins Arroyo LLP
