SAN DIEGO and ROSEMONT,
Ill., July 15, 2013 /PRNewswire/
-- Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the acquisition of Taylor Capital Group, Inc.
(NASDAQ: TAYC) ("Taylor Capital"), the parent company of
Cole Taylor Bank, by MB Financial,
Inc. (NASDAQ: MBFI) ("MB Financial"). On July 15, 2013, the two companies announced a
definitive merger agreement in which Taylor Capital common stock
and non-voting preferred stock will be converted into the right to
receive 0.64318 shares of MB Financial common stock and
$4.08 in cash, for total
consideration of $22.20 per
share.
(Logo:
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Is the Acquisition Best for Taylor Capital and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Taylor Capital 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.
As an initial matter, Robbins Arroyo notes that the company
announced the merger and its financial results for the second
quarter of its fiscal year 2013 simultaneously. Taylor
Capital's results showed strong gains in both revenue and net
income. For the quarter, the company reported an increase in
revenue of 33.6%, or $21.9 million,
from the second quarter 2012. Also, the company's reported
net income rose 9.9% to $15.6
million, compared to the same quarter 2012. For the
quarter, Taylor Capital exceeded analyst earnings per share
expectations for the sixth time in the past nine quarters and
analyst net income expectations for the seventh time in the last
nine quarters. In announcing the company's quarterly results,
Taylor Capital's President and CEO, Mark
Hoppe commented, "Our results for the second quarter of 2013
were outstanding and reflect sustained progress throughout the
Bank."
Further, upon the closing of the merger, Mr. Hoppe will become
president and CEO at a MB Financial subsidiary, MB Financial
Bank. In addition, two current Taylor Capital board members
will join the MB Financial board of directors.
Given these facts, the Robbins Arroyo is examining Taylor
Capital's board of directors' decision to be acquired by MB
Financial now rather than allow shareholders to continue to
participate in the company's continued success and future growth
prospects.
Taylor Capital shareholders have the option to file a class
action lawsuit to secure the best possible price for shareholders
and the disclosure of material information to shareholders.
Taylor Capital 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/taylor-capital-group-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