NEW YORK, Dec. 8, 2015 /PRNewswire/ -- The proposed
merger of Wilshire Bancorp, Inc. ("WIBC" or the "Company") and BBCN
Bancorp, Inc. ("BBCN") is being investigated by WeissLaw LLP for
possible breaches of fiduciary duty and other violations of law by
the Board of Directors of WIBC. On December 7, 2015, the Company announced the
signing of a definitive agreement to merge with BBCN in a
stock-for-stock transaction valued at approximately $1.0 billion. Under the terms of the
agreement, shareholders of WIBC will receive 0.7034 of a share BBCN
for each WIBC share they own; representing a consideration of
$13.00 per WIBC share, based on the
December 4 closing price of BBCN.
WeissLaw is investigating whether WIBC's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the offer price represents a mere 9.4 % premium over
WIBC's December 4 trading price of
$11.88. Additionally, at least
one analyst set a target price of $15.50 per share, or $2.50 above the offer price.
Given these facts, WeissLaw is investigating the Board of
Directors' decision to sell WIBC and whether WIBC shareholders will
obtain their fair proportionate share of the Company's continued
success and future growth prospects. If you own WIBC shares
and would like more information about your rights or our
investigation, please contact Joshua
Rubin either by telephone at (888) 593-4771 or by
email at stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP