SAN DIEGO and ALBANY, Ga.,
Dec. 11, 2014 /PRNewswire/ --
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Heritage Financial Group,
Inc. (NASDAQ: HBOS) by Renasant Corporation (NASDAQ: RNST). On
December 10, 2014, the two companies
announced the signing of a definitive merger agreement pursuant to
which Renasant Corp. will acquire Heritage Financial. Under
the terms of the agreement, Heritage Financial shareholders will
receive 0.9266 shares of Renasant common stock for each share of
Heritage Financial common stock, for a consideration of
$26.61.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/heritage-financial-group-inc
Is the Proposed Acquisition Best for Heritage Financial
and Its Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Heritage Financial is undertaking a fair process to
obtain maximum value and adequately compensate its
shareholders.
As an initial matter, the $26.61
merger consideration represents a premium of only 23% based on
Heritage Financial's closing price on December 10, 2014. This premium is significantly
below the average one-month premium of 39% for comparable
transactions within the past 5 years.
On October 29, 2014, Heritage
Financial released its earnings results for its third quarter 2014,
reporting strong quarterly earnings. In particular, the company
reported net income of $2.0 million
or $0.26 per diluted share, up 11%
from $1.8 million or $0.23 per diluted share for the linked quarter,
and up 48% from $1.3 million or
$0.18 per diluted share for the
year-earlier quarter. Further, on September 30, 2014, Heritage Financial saw the
successful completion of the company's first open-bank acquisition,
Alarion Financial Services, Inc. and its subsidiary Alarion Bank.
Also, Heritage Financial beat consensus analyst estimates for
sales in three of its past four quarters.
In commenting on these results, Heritage Financial President and
Chief Executive Officer Leonard
Dorminey remarked, "Results for this past quarter reflected
significant progress in the growth of our business and the
execution of our expansion strategies – most notably with the
completion of the Alarion acquisition, which facilitated our entry
into the Gainesville, Florida
market.… All aspects of our operations continue to perform well, as
indicated by ongoing organic loan growth and continued momentum in
loan production across most of our markets, which keeps us on pace
for another year of double-digit growth. This progress, coupled
with further improvements in credit quality measures, has greatly
strengthened our banking operations."
In light of these facts, Robbins Arroyo LLP is examining
Heritage Financial's board of directors' decision to sell the
company now rather than allow shareholders to continue to
participate in the company's continued success and future growth
prospects.
Heritage Financial shareholders have the option to file a class
action lawsuit to ensure the board of directors obtains the best
possible price for shareholders and the disclosure of material
information. Heritage Financial shareholders interested in
information about their rights and potential remedies can contact
attorney 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 law
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.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
Logo -
http://photos.prnewswire.com/prnh/20130103/MM36754LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/acquisition-of-heritage-financial-group-inc-hbos-by-renasant-corporation-rnst-may-not-be-in-shareholders-best-interests-300008729.html
SOURCE Robbins Arroyo LLP